Dogecoin explodes after Elon Musk tweets about it, again
“Potentially very promising,” Musk said about Doge. Because of its low price and quick processing, he dubbed dogecoin “the crypto of the people”.
Tesla, of which Musk is a major shareholder, has previously stated that it would refrain from developing new crypto coins. They will necessitate an excessive amount of electricity.
Tesla made the remark just hours after announcing intentions to reach the US market with new bond funding. The US government has been highly critical of polluting industrial investments.
Musk also believes in cryptocurrency as a viable alternative to the dollar and other cryptocurrencies, but he is hesitant to pursue it because mining or creating coins with a lot of processing resources, and paying with those coins are all time-consuming.
Dogecoin, a cryptocurrency that began as a prank in 2013, has become so famous in the last year that investors are gradually considering it as a viable option to bitcoin.
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