DOGE gains 8% after Elon Musk says Dogecoin payments compete with Bitcoin and Ethereum

Dogecoin (DOGE) may need a new marketing strategy after the latest publicity stunt from Elon Musk moved its price by less than 8%.

In a tweet on Thursday, “Dogefather” Musk argued that Dogecoin could do a better job at payments than Bitcoin (BTC) or Ether (ETH).

The latest in a long line of plugs, the Tesla and SpaceX CEO was responding to crypto YouTuber Matt Wallace, who revealed excitement about an upcoming protocol upgrade.

“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high,” Musk claimed.

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