Elon Musk Compared Dogecoin to BTC and Ether

by in Cryptocurrency News

Elon Musk Ether BTC DOGE

Tesla CEO Elon Musk talked about cryptocurrencies another time. He shared his opinion on Bitcoin, Ethereum, and Dogecoin, mentioning the advantages of the last one.

Related: Scaramucci thinks Dogecoin could become digital silver

Particularly, commenting on crypto and Dogecoin Youtuber Matt Wallace's tweet about Dogecoin update, Musk wrote BTC and Ether operations are slow with high rates.

Tesla CEO says these leading cryptocurrencies pursue a multilayer transaction system.

He finds it will be advantageous for DOGE to maximize base layer transaction rate & minimize cost with exchanges being used as layer 2.

After the tweet, Dogecoin's price has seen an increase. Currently, the meme token trades at around $0.2. It ranks six, having a market cap of about $28.2 B. SkyBridge Capital CEO Anthony Scaramucci also supports Dogecoin. In May he said DOGE may become silver to bitcoin gold.

Currently, the meme token is about 70.5% down from its all-time high of $0.73 reached on May 8.