After ditching Bitcoin, Elon Musk is now working on making Dogecoin efficient
- Tesla CEO
Elon Muskhas now tweeted that he's currently working with the Dogecointeam to improve system transaction efficiency.
- Dogecoin climbed up to 40% after Musk’s revelation
- Unfortunately, Tesla announced it'll stop accepting
Bitcoinas a method of payment due to environmental concerns.
As soon as the tweet went online, Dogecoin's value on the exchange also started to climb. More than 40% growth was recorded on May 14, 12:30 PM India time, providing much-needed relief to investors amid profoundly high volatility.
The tweet plays a critical role for the Dogecoin community since it lost almost half its value in the last few days, following Musk's appearance on the American TV show Saturday Night Live. Fans expected the tech genius to back Dogecoin more, in turn, send its value flying. However, the reaction to the show was primarily adverse, sending the coin in a downward spiral.
AdvertisementAs other cryptocurrencies such as
Musk seems to be changing sides, though. Tesla's acceptance of Bitcoin was a crucial moment in history, as publicly listed companies have largely distanced themselves from cryptocurrencies. Enthusiasts expected it to have a ripple effect that'll open and encourage the acceptance of crypto in day-to-day life.
Unfortunately, Tesla announced it'll stop accepting bitcoin as a method of payment due to environmental concerns. Musk has always been a fan of Dogecoin, and it seems his priorities are quickly changing. Though he did say that Tesla would not sell any of the Bitcoin owned by Tesla, currently, and would use it again "as soon as mining transitions to more sustainable energy."
In the meantime, he said Tesla would look at other cryptocurrencies that use less energy to mine. Musk has reiterated that he's a firm believer in crypto, but that it can't thrive on fossil fuels.
Unlike Bitcoin, which has set 21 million as the finite amount of the digital currency, dogecoin has 129 billion coins in circulation and will continue to make new blocks of coins available to mine each year. It means that Dogecoin is highly inflationary, and the blockchain will continue rewarding miners by creating new coins every day.
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