Dogecoin (CCC:DOGE-USD) news for Friday includes the Shiba Inu-themed crypto running higher after Tesla (NASDAQ:TSLA) CEO Elon Musk Tweeted about it early this morning.
According to Musk’s Tweet, there’s “merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.” He said this while speaking about the multilayer transaction system that Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) are moving toward being too slow and costly.
Elon Musk made his Tweet in response to one by Matt Wallace, a major influencer in the Dogecoin space and operator of a DOGE-focused YouTube channel with more than 244,000 subscribers. You can see the full Tweet for yourself below.
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
— Elon Musk (@elonmusk) July 9, 2021
Dogecoin has been having a rough time of it the last couple of months with shares continually sliding lower. However, it wasn’t just DOGE falling as several other cryptos also saw their prices fall around that time.
While Dogecoin may have started out as a meme cryptocurrency, it’s not fair to call it that anymore. The crypto has quickly grown over the last few months to become one of the most popular there is. This has it placing seventh among cryptos when based on market capitalization.
While the meme status of Dogecoin was definitely a strong pull from investors already investing in meme stocks, there’s no denying that Elon Musk has had a major hand in its rise to fame. The Tesla CEO frequently Tweets about the crypto and it typically rises afterward.
DOGE was up 4.2% as of Friday morning.
Crypto traders looking for more news today will want to keep reading!
We’ve got plenty of crypto news for traders outside of just Dogecoin today. That includes the latest details that investors need to know about Harmony (CCC:ONE-USD), Coinbase (NASDAQ:COIN), and Dogecoin. You can get up to speed on all of this news at the links below!
More Crypto News for Friday
- Harness the Decentralization Movement With Low-Priced Harmony
- Coinbase Listing Thrusts Keep Network Into the Mainstream
- Dogecoin Is a High-Risk Trading Method and Little Else
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
