Reading once again Elon Musk etched right then and there when you read crypto-oriented news or blog brings back some bitter-sweet memories. One might not read past the name, but to think that hasn’t Musk done enough damage to the crypto market already? For those who are indeed new to the concept, Musk has rallied the crypto market for Bitcoin and might have manipulated the bearish and bullish cycles for the cryptocurrency by posting something related to cryptocurrency on his Twitter handle.
Given the fact that Musk enjoys a large audience and thus is nothing short of an influencer himself, his tweets sent waves ripping towards the center of the crypto market and have managed to tumble the market more than once. Anyway, Bitcoin was the first cryptocurrency that Elon favored, but soon enough, Dogecoin, the meme cryptocurrency, replaced Bitcoin for him, and that was about it for Bitcoin regarding Elon Musk.
Dogecoin’s Current Fees don’t Suit the Purpose of its Development
Since then, Dogecoin has been the center of focus for Musk when it comes to cryptocurrency. Elon Musk even issued his financial support to the developers of the Dogecoin while also assuring them of any resource-intensive support they might require to make the blockchain for Dogecoin faster, efficient, and stronger than ever. Not only this, Elon Musk did even make an SNL (Saturday Night Live) appearance just to rally up Dogecoin and have it trading at $1, but that didn’t happen. After the end of this event, Elon Musk has been pretty much busy with Bitcoin and his opinions regarding the harm that Bitcoin mining is subjecting to the environment.
The current proposal in effect for Dogecoin for which Musk is rallying support reads that Dogecoin fees currently exceed that of Bitcoin and Litecoin and should be cut almost 50 times. The ultimate purpose for the development of the Dogecoin was for it to be accessible to everyone, but this couldn’t be put into effect featuring the over-the-top transaction rates for the cryptocurrency. Musk is now supporting the change document that others also support the findings to reduce transaction fees while making Dogecoin accessible to a larger audience.
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