Tesla CEO Elon Musk Explains Why He Favors Dogecoin ($DOGE) Over Other Altcoins

On Monday (May 24), Tesla and Space X CEO Elon Musk commented once again on Dogecoin ($DOGE), which has to be his favorite cryptocurrency based on how often he talks about it.

He started by sending a tweet to invite people to suggest improvements for Dogecoin on GitHub and Reddit, and gave an example of one suggestion (“changing Dogecoin fees based on phases of the moon”) that he thinks is “awesome.”

He then explained in just a few words why Dogecoin is the alt coin he talks about more than any other crypto asset.

It is worth pointing out that on May 13, Musk revealed that has been working with Dogecoin developers to reduce the power consumption of mining of the meme-based cryptocurrency.

Then, n May 15, Musk said that Dogecoin would beat Bitcoin “hands down” if its developers made three improvements: 10X faster block production time, 10X larger block size, and 100X lower transaction fees.

When someone asked Musk why not just create a new ideal cryptocurrency instead of trying to improve Dogecoin. Musk gave the very surprising answer that it’s because it would be a “big pain in the neck” to create (and presumably make popular) a new cryptocurrency from scratch.

Last Sunday (May 23), Ethereum inventor Vitalik Buterin published a blog post that challenged the Tesla CEO’s ideas for blockchain scalability, saying that they could lead to “extreme centralization” and “compromising the fundamental properties that make a blockchain what it is.” This was the Tesla CEO’s response:

According to data by TradingView, currently (as of 08:30 UTC on May 25), on crypto exchange Binance, $DOGE is trading around $0.3522, up 8.56% in the past 24-hour period.

(Photo : MotoTrend)
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