Market Moved A Bit After Musk Tweeted About Dogecoin

On Friday, the head of Tesla, renowned to call himself “The Dogefather,” again waved a tweet on the market and rescued Dogecoin from its previous crypt, propelling the crypt joke currency upwards of 22 cents following an ongoing decrease that saw it slipping below 20 cents.

The Dogefather,” Dogecoin, after a gradual slide which on Thursday saw him go below 20 cents from his previous collapse, drove the crypt’s meme coin above 22 cents. This is far from the hefty heights of Dogecoin in May when it breached 74 cents during the hosting appearance of the host Musk on Saturday Night.

In response, Musk expressed his opinions about upgrading to Dogecoin’s blockchain transaction mechanism, stating that the planned modifications will “position Doge to be one of the most widely used currencies in the world.” This would give it an edge over Bitcoin and Ethereum in his opinion.

Youtuber Matt Wallace on dogecoin and Elon Musk’s recent tweet

Although Bitcoin and Ethereum are burdened with excessively “slow” transaction rates and overly “expensive” transaction fees, according to Musk, Dogecoín may overcome such problems by utilizing exchanges as a “de facto secondary layer,” which allows transactions to be processed faster and more efficiently.

the Doge Hodlers are totally relying on their Dogefather to uplift the currency to new heights or as the Tesla CEO says, ” TO THE MOON “.

Some shares memes and made satirical edited videos on Musk carrying the dogecoin price.

The Game Of Doge:

Developers for Dogecoin are now working on the improvements indicated by Wallace in his initial tweet, which promise to reduce Dogecoin’s cost structure and enhance transaction rates.

Some Facts and Researches

If the concept of crypto exchanges acting as a “de facto secondary layer” to authenticate and execute Dogecoin transactions seems strange, if not dubious, it is because it very well might be.

Left to right: Hannah Providence ’22 and David Sacco/ via newhaven.edu

David Sacco, professor at the Pompea Business University in New Haven, says, “ Fortune a system granting third-party crypto exchanges a role in processing transactions seems “counterintuitive” to the very appeal of cryptocurrencies and their underlying blockchain technology,”

He further added, “Cryptocurrency is about transacting peer-to-peer without third parties; the value of crypto comes from that [blockchain-enabled] impenetrability that allows it to exist without any third party. In that regard, Musk’s suggestion “is a bit of a conflict for me.” 

Let’s see what’s going to happen in the future. For more informative and interesting Twitter talks, stay connected.