Elon Musk, CEO of Tesla and SpaceX, has been a long-time proponent of Bitcoin and is not hesitant about voicing his thoughts on Twitter. Indeed, he does not shy away from complimenting certain cryptos on occasion, such as Dogecoin, which is dubbed a ‘memecoin’ by investors.
Earlier this year, the price of Dogecoin skyrocketed (and then plummeted) when Musk declared his support for the cryptocurrency in a series of tweets. The 50-year-old billionaire appears to be endorsing Doge once again over the popular cryptocurrency Ethereum. Musk was responding to a CoinDesk piece on Twitter, which stated that “Ethereum’s hefty transaction fees have rendered Defi unaffordable to small investors.” Defi, or decentralized finance, is a financial system that enables lenders and borrowers to transact without relying on the conventional gatekeepers of loans and even money – banks. According to experts, Defi sites built on open-source code and powered by algorithms that establish rates in real-time depending on supply and demand represent the financial services industry’s future. It is believed to provide customers with a more affordable and effective method of credit without any hidden fees. According to the CoinDesk article, Ethereum’s high transaction fee discourages regular traders from using decentralized exchange (DEX) platforms. Elon Musk, CEO of Tesla and SpaceX, has been a long-time advocate of cryptocurrencies and is unafraid to voice his viewpoint on the microblogging platform Twitter.
Elon Musk Wants Dogecoin Holders to Not Rely on Cryptocurrency Exchanges. Know Why
Indeed, his tweets have had a significant impact on the market’s crypto value. He frequently extols the virtues of a few currencies, only for their value to rise the following minute. Even though he recently criticized Dogecoin, popularly known as ‘memecoin,’ he has consistently defended the currency since its creation. Earlier this year, on October 24, Musk responded to a simple question on Twitter regarding the Shiba Inu, which surprise resulted in the dog’s value plummeting. A Shiba Inu Twitter account made the error of asking Elon Musk how many SHIB tokens he had, and his response was all the more shocking given his constant promotion of the cryptocurrency. “None,” he stated.
However, the 50-year-old billionaire is once again seen increasing his support for Bitcoin over Ethereum. Elon Musk commented on Twitter in a CoinDesk article that stated, “Due to Ethereum’s high transaction fees, Defi is unavailable to small investors.”Musk responded, “Dooooge,” indicating his support for the Dogecoin. The Shiba Inu is sometimes referred to as the ‘Dogecoin Killer,’ as it wants to supplant Ethereum’s Doge token.
