Elon Musk, founder and Chief Executive Officer of Tesla, has always been a force to be reckoned with as far as cryptocurrencies and their market are concerned.
For the past months, more often than not, Musk’s simple Twitter posts about digital currencies like Bitcoin and Dogecoin have been the driving force for both their rise and fall in prices.
For instance, Bitcoin suffered when Musk announced that Tesla would stop accepting it as payment as they are concerned about the impacts of mining the cryptocurrency on the environment. It is down 13% this week and is at $50.5K, well below its all-time high of more than $64K attained last April.
Pinning hopes on the Doge
In a recent Twitter exchange, Elon Musk appeared to be pinning all his crypto hopes to the joke currency that started back in 2013.
User Long Elon asked Musk, “Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn’t have high concentration of ownership at least initially?”
The billionaire entrepreneur responded: “Only if Doge can’t do it. Big pain in the neck to create another one.”
While Musk took a step backward with Bitcoin, he still continues to be a big proponent of the meme crypto – Dogecoin.
Dogecoin’s case
According to data provider TRG, there’s an apparent huge discrepancy in the electricity consumption of Bitcoin and Dogecoin per transaction, as the former consumes 707-kilowatt hours while the latter requires 0.12 kilowatt.
CoinMarketCap ranks Dogecoin as the fourth-largest cryptocurrency having a total value of $68 billion, although it is currently experiencing a slump after hitting as high as more than 70 cents before Musk’s anticipated Saturday Night Live gig. Its unit price stands at $0.49 and is down 9.5% for the past day, according to CoinGecko.
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