Tesla CEO Ilan Musk responded to a tweet explaining the Dogecoin (DOGE) price growth factors. Bitcoin is an advantage!
On Monday morning, Ilan Musk tweeted:
Dogecoin appears to be an inflationary currency; But its inflation is controlled (by producing a fixed number of coins per unit time). Bitcoin, meanwhile, is arguably anti-inflationary
Also read: Why is Bitcoin not anti-inflationary?
The billionaire entrepreneur added in another tweet:
Ideally, DodgeQueen transactions should be several times faster.
Musk has posted several controversial tweets about Dogecoin in recent weeks, each time pushing up the price of the digital currency. Several other celebrities have also joined the cast, including American rapper Snoop Dogg, American rock band guitarist Gene Simmons and the well-known cyber YouTuber MrBeast, and tweets about Published by Dogecoin.
“About 50 percent of all Dodge Coins are stored at just 20 addresses, and one address alone has 36.8 billion Dodge Quinns,” Musk wrote in response to a user who said:
I think it’s a little too much!
But the question is, why has the Dogecoin been supplied and inflated? This is because Dodge Coin currently has the highest number of currencies in circulation after BTT, at 128.27 billion.
This digital currency initially had no restrictions on the extraction and supply of coins; Until Jackson Palmer, co-founder of Dogecoin, made changes to its protocol code in 2014. Thus, from that date onwards, every year (only!) 5 billion new Dodge Quinns will be produced and marketed. To better understand Dodge Coin’s annual inflation, simply compare it to Bitcoin, which has a limited supply of 21 million Coins and currently has 18.6 million Bitcoin units in circulation.
At the time of writing, Dogecoin was ranked 10th in digital currencies (market volume) at $ 0.078. Dodge, meanwhile, hit 0.0814 on Sunday, setting a new historic high.