While Dogecoin generates 5 billion, Bitcoin has produced 21 million BTC in a year.
Despite whether Bitcoin is bullish or bearish, Tesla has stopped accepting its payment.
As the ultimate cryptocurrency meme coin, Dogecoin was developed. But the founder of SpaceX and Tesla, who is also the world’s richest individual, has taken it seriously.
Elon Musk, a passionate supporter of Dogecoin, claimed in an interview with Full Send Podcast that the Dogecoin blockchain can handle more transactions per second than the bitcoin blockchain. He added that several major transportation services, including Tesla and SpaceX, now accept Dogecoin as a form of payment. The Boring Company in Las Vegas is now accepting payments with Dogecoin.
Why Musk Supports Dogecoin
Musk noted that although bitcoin transactions take around 10 minutes to complete, Dogecoin transactions are completed in just 60 seconds. According to Musk, this justifies the meme coin as a superior form of payment. It also appears to help that the locals are friendly:
“To be honest, the main reason I’m for Doge is that I believe he has the dogs and memes, and he also seems to have a sense of humor and not take himself too seriously. Although Doge was only intended to be stupid joke money, I find it odd that it has a considerably larger total transaction throughput capacity than bitcoin.”
Additionally, it was noted that only 21 million bitcoins can be produced each year, compared to 5 billion Dogecoins, which may make it easier to establish its use as a transaction currency in the long run.
And Tesla already stopped bitcoin as a means of payment and He further stressed that he is associated with other meme coins like “Elon” and other digital currencies with Elon-related names like Dogelon Mars. Musk has no interest in any other cryptocurrencies, whether they were created in his honor or those of other attractive dog breeds, even though he supports two meme cryptocurrencies (Dogecoin and Shiba Inu).