Dogecoin Gains 8 Percent Profit after Elon Musk’s Tweet in Support of the Cryptocurrency

Elon Musk has thrown his weight behind Dogecoinmany times and it is not a secret now that he wants to take it to the next level. His tweets about the ShibaInu face-themed currency, now has a staggering market cap of Rs. 2.1 trillion. The Tesla CEO warned that Bitcoin and Ethereum — the world's two biggest cryptocurrencies — were pursuing a multi-layer transaction system, but their transaction rate was slow and the cost was really high.

Musk’s comment came as a response to a tweet by Dogecoin investor Matt Wallace. "Reminder: The Dogecoin update is coming soon. It will position Doge perfectly to become one of the most used currencies in the world," tweeted Wallace. Replying to the tweet, Musk wrote, "BTC [Bitcoin] and ETH [Ethereum] are pursuing a multilayer transaction system, but base layer transaction rate is slow and transaction cost is high."

In recent times, Doge is maximizing base layer transaction rate and minimizing transaction cost with exchanges. Following an active presence and explanation of various aspects of Dogecoin by Musk, the Cryptocurrency token which was dipped nearly 10 percent has gained eight percent gain.

 

Meme-Inspired Cryptocurrency Dogecoin Reaches Great Peak

Dogecoin has become the center of attraction for quite some time now. The currency which came to the limelight through memes is now seeing more remarkable improvement in its price. Remarkably, Dogecoin is overtaking Bitcoin in its popularity on social media and among crypto enthusiasts. The digital currency's price has surged to an all-time high of US$0.4, recently pumping up enthusiasm. But like other digital currencies, the value of Dogecoin is volatile.

The digital currency hit a record high value last week. Since then, it is trading in the fourth position. Unlike many cryptocurrencies, Dogecoin functions on blockchain technology, making it the most secure digital currency. It is stated that Dogecoin will create 100 billion supply and 5 billion new coins every year.

As of today, its price is at US$0.435 falling around 45 percent from its recent high. Dogecoin has become the center of attraction for cryptocurrency investors. To this day, it has cult status on most of the online business investment sites. Since the beginning of this year, Dogecoin's price has gone up by around 5000 percent. Also, Elon Musk has called it the 'People's crypto.'