DOGE Moves Up On Latest Elon Musk Comments On DOGE Payments

DOGE moves up by 8% after the latest praise by Elon Musk as he tweeted that DOGE payments could be better than ETH or BTC ones so let’s read more in our latest dogecoin news today.

The billionaire’s public praise of DOGE yields returned with a slight mockery as the coin has a need of a new marketing strategy because it didn’t move much after the latest publicity stunt by Elon Musk. The “Dogfather” Musk argued that Dogecoin could do a better job at payments than BTC and ETH and after the comments were made, DOGE moves up 8%. The latest in a long line of plugs, the SpaceX CEO responded to crypto YouTuber Matt Wallace who revealed plenty of excitement for the upcoming protocol upgrade. Musk stated:

“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high. There is merit IMO to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”

Reminder: The Dogecoin update is coming soon! It will position Doge perfectly to become one of the most used currencies in the world.

— Matt Wallace ⚠️ (@MattWallace888) July 9, 2021

The proposal sees Doge having on-chain transactions as the norm with exchanges fulfilling the role that the Lightning Network does on BTC. Exchanges process huge numbers of transactions internally without having to touch the blockchain of respective coins and these are then synched which results in fewer on-chain transactions or fewer fees and lesser strain on the blockchain. Employing centralized trusted third-parties as to the backbone of the payment network, others say that it was only inferior to the Lightning Network solution. Podcast host Peter McCormack replied:

“Elon Musk and Jeff Bezos are pursuing a multi-planetary space transport, but development is slow & cost is high. There is merit to building rockets with spit and cardboard, increasing build speed and minimising cost.”

For all of the attention, DOGE/USD moved slightly and traded at 7.6% upwards at just under $0.23 at the time of writing. Against the ATHs from May 8 when Musk went on the SNL to bring Dogecoin to the wider audience, the pair remained lower than 70%. Musk inadvertently diverted much attention from DOGE with his own social media campaigns and there were other tweets that spawned new meme coins to shoot in price.