New Dogecoin (DOGE) update has this key ‘merit,’ says Elon Musk 🚨 This article is 3 years old...
New Dogecoin (DOGE) update has this key ‘merit,’ says Elon Musk
According to a tweet from Matt Wallace and Elon Musk, the upcoming Doge update will allow the asset to dominate the crypto market
2 min read
Updated: Jul. 9, 2021 at 5:02 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Matt Wallace, a popular proponent of Dogecoin, reminded the Dogecoin community today about an upcoming update that would speed up transactions and make the network even cheaper. It elicited a response from none other than ‘Dogefather’ Elon Musk.
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
Dogecoin update is coming
Wallace made his name as one of the leading Youtube content creators about Dogecoin. His YouTube channel “Final Stand” is one of the biggest crypto communities on the video streaming platform.
And he continues to do his bit to push the Dogecoin community ahead: “Reminder: The Dogecoin update is coming soon! It will position Doge perfectly to become one of the most used currencies in the world,” he said in a tweet today.
This elicited varying degrees of responses from his followers who wanted the coin to “pump” again. One of the responses to his tweets came from the self-acclaimed ‘DogeFather,” Tesla CEO Elon Musk, who suggested that the coming update will favor Dogecoin as it builds on the shortcomings of the more illustrious counterparts of the coin; Bitcoin and Ethereum.
“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high. There is merit imo [sic] to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer,” said Musk in the tweet.
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.
— Elon Musk (@elonmusk) July 9, 2021
BTC, ETH limitations
The two leading crypto assets have faced different levels of challenges. Bitcoin, for instance, is facing scaling issues but it is looking to address this via its taproot upgrade.
On the other hand, Ethereum is bedeviled with high transaction fees which have pushed some of its users to other alternatives. Its developers are also proposing an upgrade that would attend to this issue but it is not expected to be completed soon.
It would be recalled that the Tesla CEO has consistently tweeted in support of the meme coin. Most times, his tweets in support of the coin had always resulted in the increase in value of the digital asset (this effect has, however, been priced out in the past few weeks).
Musk had proposed a Doge update that would allow the asset to beat Bitcoin and eventually become the “currency of Earth.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.