Markus compared the cost of Dogecoin to that of Bitcoin and Shiba Inu, saying that the former had lower transaction fees. Musk’s posts on Twitter caused DOGE’s popularity to soar and other meme cryptocurrencies to emerge.
Tesla CEO Elon Musk believes that Dogecoin is superior to Bitcoin and Shiba Inu, regarding its use as a form of payment. DOGE co-creator Billy Markus shared on Twitter a comparison of the cost of transaction fees for those cryptocurrencies.
Markus said that Dogecoin is the best cryptocurrency to conduct transactions thanks to its low network fees. He noted the charges for trading DOGE are close to nothing, while those for Bitcoin and SHIB are around USD 3.50 and USD 38.00, respectively. It is so expensive to send Shiba Inu because that token is on the Ethereum network.
Dogecoin recently released a new update that made it cheaper to send securities through the network. Likewise, Elon Musk shared his thoughts on Dogecoin’s latest software update on Twitter, describing it as crucial.
The billionaire businessman made that comment shortly after the announcement of the launch of Dogecoin Core 1.14.5. This long-awaited update allows the reduction of rates for all users.
The developers introduced the default values in the previous minor version of the software, the first phase. In doing so, they sought to prepare the network for the latest network upgrade.
Elon Musk Confirms He Does Not Own Shiba Inu
Although Musk confirmed that he did not own any SHIB tokens, that did not stop the second canine cryptocurrency from growing. The crypto meme managed to reach record highs and briefly exceeded Dogecoin.
DOGE’s popularity soared as a result of Musk’s posts on Twitter. After that, a large number of dogecoins and other meme tokens joined the industry. One of them was SHIB, which has achieved a market capitalization similar to that of DOGE. Furthermore, the team behind SHIB also developed what they called the Doge Killer (LEASH).
Another token, called Dogelon Mars (ELON), is trying to capitalize on the current hype of meme cryptocurrencies. Its developers drew inspiration from Tesla CEO Elon Musk and his love of space travel.
The relevant role of social networks in the growing adoption of meme tokens and Dogecoin is undoubted. Musk is one of the market forces that have indirectly influenced DOGE’s price movements the most. He has managed to increase his value significantly through his sporadic posts on Twitter.
Musk’s passion for the Dogecoin meme cryptocurrency has led him to purchase a Shiba Inu breed dog. However, that show of love has already sparked the creation of other currencies on the market. That proves the enormous influence that the posts of renowned figures have on the prices of those assets.
DOGE is trading at around USD 0.26 and has accumulated a 0.8% profit in the last 24 hours. Its daily trading volume is above USD 1.6 billion, and its market capitalization is approximately USD 35 billion. The cryptocurrency meme occupies 9th position in the cryptocurrency ranking, preceding SHI, according to CoinGecko.
By Alexander Salazar
