Elon Musk Vouches Dogecoin For the ‘Dogs and Memes’

In his recent tweet, the CEO of Tesla, Elon Musk claimed that he’s not interested in cryptocurrencies like Ethereum, Cardano, Solana, Polkadot, and IOTA because they don’t have ‘memes and dogs’, resulting in the price of Dogecoin to rebound from a steep sell-off over the weekend.

“Dogecoin Has Dogs and Memes, Whereas the Others Do Not”

Ever since Tesla announced on dismissing Bitcoin as payments due to environmental corners, rumors have been circulating in crypto circles that Elon Musk will now be considering proof-of-stake cryptocurrency projects.

Asking the Tesla CEO directly on the matter, Dave Lee, a YouTuber and one of Tesla’s earliest investor, enquired:

“Curious what are your thoughts on ethereum 2.0, Cardano, Solana, Polkadot, IOTA, and others that are trying to scale with low fees? What makes you choose doge over them?”

To which Musk replies “Dogecoin has dogs and memes, whereas the others do not.”

Musk has been critical of Bitcoin for its “insane” energy consumption, citing Bitcoin mining’s reliance on fossil fuels.

Despite the negative stance, Musk recently stated that Tesla would continue holding onto its $1.5 billion Bitcoin investment.

Despite Dogecoin attracting criticism for its lack of development and large whale holders holding the token concentration, DOGE has soared a staggering 12,000% on this time last year fueling speculation that the cryptocurrency’s price could climb as high as $1.

Elon Musk Asks Public to Help Develop Dogecoin

After announcing earlier this month that he would be working with Dogecoin’s developers to “improve system transaction efficiency,” Elon Musk recently asked his Twitter followers to submit ideas to “develop Doge” via GitHub and Reddit, tagging, the developers of Dogecoin within the tweet.

He added that one user already suggested changing Dogecoin fees based on the phases of the moon, which he called “pretty awesome.”

Despite Musk’s public endorsement of the meme-based cryptocurrency, he once said that his dogecoin-related comments shouldn’t be taken seriously.

Meanwhile, Bitcoin is nearing the $40,000 level again after Musk tweeted that he had met with North American bitcoin miners on the energy conservation efforts in mining the cryptocurrency.

Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

— Elon Musk (@elonmusk) May 24, 2021