Elon Musk has revealed that he is working with Dogecoin ($DOGE) developers to improve the system transaction of the cryptocurrency after recently dropping Bitcoin use in Tesla. The CEO reveals that he still believes in the use of cryptocurrency and its transaction, and not just in traditional and polluting sources of energy with the likes of coal.
Dogecoin has been one of the top growing cryptocurrencies in the world and has been inspired by the meme of Doge that has been established since 2018. Initially started as a joke, Dogecoin has now grown to more than $50 billion in value, but still has an affordable market price below $1 and remains in the top 3 spots in most markets.
Recently, Musk revealed that SpaceX would soon do a mission called Doge-1, where it would launch a satellite in the name of Dogecoin after its beneficiary used the cryptocurrency to pay for the launch. Soon after, Tesla dropped Bitcoin as a source of payment and even its trading, due to its heavy use of coal-based energy which pollutes the environment.
Elon Musk: $DOGE is 'Potentially Promising'
In the recent tweet by the Tesla and SpaceX CEO (@elonmusk), he revealed that he was working with Dogecoin developers, but did not mention which of the company he owns are in project with the coin. Here, the CEO revealed that Dogecoin is easy to work with, and has a "potentially promising" future in the industry of the crypto world.
Working with Doge devs to improve system transaction efficiency. Potentially promising.— Elon Musk (@elonmusk) May 13, 2021
Musk works with Dogecoin developers to improve its "system transaction" capabilities, which is a direct role by the CEO with the development and enhancement of the popular cryptocurrency. According to Coin Market Cap, $DOGE is at the fourth spot in the lists (next to Binance Coin) and is up by 8 percent (as of Thu, May 13) with a market price of $0.47.
Elon Musk Still Believes in Cryptocurrency
Despite the many controversies that surround the use of cryptocurrency, Musk still believes in its use and relevance in society, amidst learning that Bitcoin still uses coal energy for its processes. Upon learning of its process and mining, Tesla, along with Musk, has dropped the use and trading of the cryptocurrency up until it uses an alternative source.
To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal— Elon Musk (@elonmusk) May 13, 2021
Amidst this issue, the Tesla CEO reveals that he still believes in the use of cryptocurrency, especially as it is a relevant process of transaction in the modern age, as it remains a blockchain payment in the market. Crypto's blockchain is foolproof and helps most transactions to be secure, and Musk only wants it to be environmental-friendly and avoid coal usage.
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Written by Isaiah Richard