Looks like Elon Musk will not be giving up the reins of crypto anytime soon. A few days back the Tesla founder was in news for Bitcoin and now that has been replaced with Dogecoin.
Musk has now tweeted that he is working with Doge developers to improve the coin’s transaction efficiency and it seems potentially promising.
It was this week only that Musk pulled support for Bitcoin payments for Tesla cars because he thought it is an inefficient network. Apparent they are moving away from it because it uses too much fossil fuel and burns coal. He also said that they are looking towards possibly using cryptocurrencies that are more efficient at transactions.
This Doge-tweet comes right after that, suggesting that maybe he is thinking there is a future that will be accepting doge for Tesla. This seems to be a promising development for Dogecoin. Doge investors also seem to have thought the same as the coin was up 22% after the news.
With this latest development, Musk is going to develop a lightning development network on top of dogecoin. It is no secret that Dogecoin and Bitcoin share many similar technical aspects.
Crypto analysts find Elon’s move contradictory. On one hand, he is talking about all the energy use, and then on the other, he is calling a less efficient crypto coin great. It is compelling people to believe that the big bitcoin news was just a PR splash. A PR splash about Tesla’s new venture, which is going into the renewable energy credits. Now Musk is exploring dogecoin, which seems to get him and Tesla a lot of PR as well.
Jackson Palmer who is the founder of dogecoin recently tweeted off something very quickly and then deleted it sometime after. The tweet acted as a reminder for the netizens and called Musk a self-absorbed grifter. With Musk’s latest tweet about the Doge, one cannot help but feel unsure towards Musk because. Where on one hand he has pulled the plugs on Bitcoin, there on the other he is talking about venturing into Dogecoin.
There are conspiracy theories doing the rounds that a bigger reason for pulling the plug on Bitcoin was nobody buying Teslas in bitcoin. They were going to hold on to it and not sell it while also just rolling back support for it. Then Musk goes and tweets out something that has little to no context. There is no indication of what developers he is working with and there is no information on what actually is being done.
The tweet should not have moved the market as much as it did but then again it was a tweet by the crypto King. Musk’s one tweet has a substantial impact on the internet and the market.
There is every likelihood that Elon is going to improve dogecoin and get a bunch of developers on it. Maybe he is going to create the next peer-to-peer cash that could be used to buy Teslas with. He has been incredibly successful with his other ventures so if this works it won’t come as a surprise.
This goes on the reiterate the notion that Doge is going to continue to be around and is not going to go away any time soon.