Elon Musk, one of the world’s wealthiest individuals and a longtime supporter of Dogecoin, recently mentioned Dogecoin (DOGE) on the platform X (formerly Twitter). Musk once again praised DOGE, drawing attention to this popular cryptocurrency.
Musk Defends Dogecoin’s Inflation
When discussing Dogecoin’s unlimited supply and inflation, Musk stated, “I believe that Dogecoin’s steady inflation – proportionally decreasing inflation – is a feature, not a bug.” Unlike Bitcoin, DOGE does not have a capped supply, a point of frequent criticism among some crypto investors. Musk shared this message in response to a comment by Dogecoin founder Billy Markus on the topic of inflation.
Markus Suggests Dogecoin’s Inflation Could Be Limited
Billy Markus, who no longer actively contributes to DOGE’s development, explained that it is technically possible to alter Dogecoin’s code to limit inflation. However, he stated that before making this change, an official proposal would be required along with support from the community and miners. Markus also admitted he is tired of questions regarding inflation.
Musk Breaks His Silence on DOGE
Elon Musk hadn’t publicly commented on Dogecoin for some time, making his recent statement noteworthy and bringing renewed attention to the cryptocurrency he has long supported.
Bitcoin’s Price Reacts with a Drop
Following Musk’s comments, Bitcoin’s price, which was around $93,000, dropped and is now trading at $91,880.
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