Popular Dogecoin lover and CEO of Tesla, Elon Musk, has liked a tweet that promotes Dogecoin ahead of Shiba Inu and Bitcoin as a method of payment. The tweet said that Dogecoin’s low transaction fee makes the token a great choice for cryptocurrency payments. Musk liked the tweet, showing his support for the statement.
Dogecoin has made headlines in recent times for its massive gains on the market. The developers behind the token have also promised new features that will make the token even better for its users. Through a recent network update, Dogecoin now has a new transaction fee. For all DOGE network transactions, users will only pay $0.002 or 0.01 DOGE per kb. The upgrade was widely anticipated and received a lot of praises when it arrived.
Elon Musk has been vocal about his support for Dogecoin and had previously said that it surpasses Bitcoin and Ethereum in value as a payment method. It appears that he liked the recent tweet as it reinforces his position on the dog memecoin. The tweet, made by Billy Markus, the co-founder of Dogecoin with Twitter handle SHIBETOSHI NAKAMOTO (@BILLYM2K).
Musk and Dogecoin
Musk has previously expressed his love and support for Dogecoin. Musk agreed with Mark Cuban’s statement in August that Dogecoin was the “strongest cryptocurrency” in commercial transactions. Musk appeared to prefer Dogecoin over Shiba Inu in October when he confirmed that he does not own any Shiba Inu tokens.
Musk has also talked about the high transaction fees that the major cryptocurrencies charge and has said that Dogecoin is better than them all in that aspect. The billionaire is also concerned about the environmental impact of Bitcoin mining and said that Bitcoin miners must explore alternative energy sources.
However, he has not stopped there. Following Musk’s decision to promote Dogecoin, a Twitter user recently revealed evidence of Tesla testing Dogecoin cryptocurrency payment on its website using the SHIBA name. When the user attempted to initiate a Dogecoin transaction on the Tesla payment page, it returned a page indicating that payment could be made. As of this writing, Elon Musk had not publicly acknowledged this.
Theater giants, AMC, have also announced a plan to begin accepting Dogecoin as payment. Surely, the new lower transaction fees will boost AMC’s plan.
Crypto Adoption is Increasing
The world is gradually moving toward adopting cryptocurrencies. The crypto industry is therefore undergoing a lot of preparations to make the new blockchain-powered payment system meet the three basic principles; safety, convenience, and low cost.
Dogecoin’s network update to reduce transaction fees makes it easier for its use cases to increase vertically with more partnerships and adoptions in the future. Although the impact of popular individuals and brands associating with Dogecoin cannot be overlooked, its ultimate value will be determined by the extent to which it can positively impact the crypto community.
And DOGE looks to be up to the task of bringing a decentralized system to the world.