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Elon Musk Extends Support to Dogecoin Again, Here’s What He Said

Dogecoin's popularity partly comes with Tesla CEO Elon Musk's endorsement of the crypto earlier this year. (Image Credit: Reuters)

Dogecoin's popularity partly comes with Tesla CEO Elon Musk's endorsement of the crypto earlier this year. (Image Credit: Reuters)

Elon Musk was responding to an article by CoinDesk on Twitter that reports "Ethereum's high transaction fees have made DeFi inaccessible to small investors."

Tesla and SpaceX CEO Elon Musk has been a supporter of cryptocurrency for a long time and does not shy away from expressing his views on Twitter. In fact, he does not even shy away from praising certain cryptos at times, such as Dogecoin that is commonly known as a ‘memecoin’ among investors. Earlier this year, the price of Dogecoin drastically jumped (and fell) after Musk expressed his support for it via a series of tweets. It seems the 50-year-old billionaire is again extending support to Doge over popular cryptocurrency Ethereum.

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Musk was responding to an article by CoinDesk on Twitter that reports “Ethereum’s high transaction fees have made DeFi inaccessible to small investors." DeFi, or decentralised finance is a system that essentially allows lenders and borrowers to transact without the traditional gatekeepers of loans or even money - banks. Experts claim that DeFi sites that run on open-source code with algorithms that set rates in real-time based on supply and demand represent the future of financial services. It is said to offer a cheaper and more efficient way of credit to people without any hidden charges. The CoinDesk article reports that Ethereum’s high transaction fee is preventing retail traders from using these decentralised exchange (DEX) platforms.

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In a response to this article, Musk replied by saying, “Dooooge," apparent support towards Dogecoin. Interestingly, Dogecoin was also the most Google cryptocurrency in the US this year, as per Google Trends data. The study by the financial research firm named The Advisor Coach showed that Dogecoin had the highest number of investors wanting to invest in the memecoin from a total of 23 states including Illinois, Florida, New Jersey, and Hawaii. The study was done throughout the United States to establish the cryptocurrency people of each state want to invest in, based on searches.

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first published:December 05, 2021, 10:24 IST