Elon Musk Reveals The Cryptocurrency He ‘Mostly’ Backs After Tesla Ditches Bitcoin Amid Crypto Price Crash

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billionaire Elon Musk has been swinging the price of cryptocurrencies, including bitcoin and dogecoin, over the past year as a “hundred-pound gorilla” is “closer by the day”.

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The price of bitcoin soared to all-time highs thanks to Musk adding $1.5 billion worth of bitcoin to Tesla’s balance sheet early last year. However, amid a precipitous drop in bitcoin prices, the company sold almost all of its bitcoin last month due to economic uncertainty (although bitcoin and crypto are suddenly braced for a quake). land of 10 trillion dollars).

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Now Musk has reiterated his support for the meme-based dogecoin, praising its “transactional throughput” and the fact that it doesn’t take itself “too seriously” – despite a stern warning, some cryptocurrencies” could fail”.

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“I mainly support doge, frankly, because I think doge has the memes and the dogs and he seems to have a sense of humor and doesn’t take himself too seriously,” Musk, Musk, who revealed the year last that he personally owned dogecoin, bitcoin and ethereum, said during a recent interview on the Full Send Podcast.

Originally created as “a joke”, dogecoin has skyrocketed in the crypto rankings over the past 18 months after falling into relative obscurity in previous years. Support from Musk and other high-profile investors such as Mark Cuban pushed the price of dogecoin to around 70 cents last year before Musk’s high-profile appearance on the comedy sketch show Saturday Night Live. The price of dogecoin has since crashed to just 6 cents, down more than 90%.

After Tesla bought bitcoin last year, Musk embarked on a long-running campaign to upgrade dogecoin so it could “hands down bitcoin.” In June, dogecoin developers released an update that improves security and efficiency.

“I think actually, weirdly, even though doge was designed to be like this ridiculous joke currency, but doge’s actual total transactional throughput capacity is way beyond bitcoin,” Musk said. Earlier this year, Musk said he was still buying the bitcoin rival and would continue to support it.

In May, Musk announced that his rocket company SpaceX would follow Tesla in accepting dogecoin for merchandise. Tesla began accepting dogecoins for merchandise purchases in January.

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In June, Musk and his companies Tesla and SpaceX faced a $258 billion lawsuit claiming they were part of a racketeering scheme to raise the price of dogecoin.

Meanwhile, Musk offloaded nearly $7 billion in Tesla stock over the past week, according to a Securities and Exchange Commission filing, just months after he said he had no plans to sell more Tesla shares.

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