Multi-billionaire Elon Musk today criticised the scaling efforts of the two most popular cryptocurrencies,and , while claiming that the plans to upgrade are superior.
The Tesla and SpaceX chief tweeted that transactions of Bitcoin and Ethereum were slow and expensive and lead developers to rely on a multi-layer transaction system.
By contrast, Musk said that Dogecoin’s upgrade plans to maximize the base layer transaction rates and minimize transaction costs have “merit.” Crypto exchanges would act as a “de facto secondary layer,” he explained.
In the hours following Musk’s tweet today, DOGE briefly spiked by 12.7%, from $0.2038 to $0.2291 before swiftly pulling back to $0.215. Overall, Dogecoin has risen just 2% in the past 24 hours, while Ethereum has dipped 3% and Bitcoin has stayed static.