Elon Musk Warns Dogecoin Fans: “Don’t Bet the Farm on DOGE”

• Elon Musk reveals why $DOGE is his favorite cryptocurrency.
• Dogecoin ($DOGE) reaches new heights in trading activity.
• The top dog memecoin slipped by 2% following the news.

The extravagant billionaire Elon Musk shared an important message to the crypto community during this year’s CEO Summit in London. On Tuesday, Mr. Musk took the stage at the conference to clear things up on Dogecoin ($DOGE).

“I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” the CEO of Tesla Motors, SpaceX, and Twitter stated. However, the meme-loving innovator was quick to pledge allegiance to the $DOGE Army by asserting that $DOGE is still his favorite cryptocurrency, because it has got “the best humor and it has dogs.”

In 2021, the signature black bandana-wearing Elon Musk became the Dogefather for the first time. Dogecoin was introduced to the world on Saturday Night Live, as he took it upon himself to describe $DOGE to the audience. “Fate loves irony,” Elon concluded.

All jokes aside, Elon admitted numerous times that he sees Dogecoin as a legitimate currency that can bring sufficient utility to the financial system. On top of that, the Dogefather believes that $DOGE is even more suitable for retail adoption than Bitcoin, as $DOGE is an altered version of Bitcoin’s code.

The argument has some merit, as the top dog crypto runs on self-sustainable blockchain technology (PoW), just like Bitcoin – but with significantly lower transaction costs and short waiting time.

$DOGE Hits All-Time High in Transactions

While Dogecoin has a long way to go to repeat its all-time high of $0.73 set on May 8th, 2021, the price movement doesn’t tell the whole story. Indeed, the latest price consolidation period has the canine coin perilously hovering above the $0.07 price range, only a fraction of $DOGE’s past glory.

However, the recently introduced DRC-20 token has boosted Dogecoin’s utility so much that $DOGE peaked in the largest transaction number in 24 hours.

On The Flipside

• Many Dogecoin veterans, including the Dogecoin Foundation, oppose the DRC-20 protocol.
• The $DOGE Army members argue that it floods the network; therefore, it’s more susceptible to outages.

Why This Matters

Dogecoin is the largest Proof-of-Work (PoW) blockchain network next to Bitcoin (BTC).

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