Elon Musk, billionaire entrepreneur and steadfast Dogecoin advocate, has recently stirred up excitement within the Dogecoin (DOGE) community on X (formerly known as Twitter). After a prolonged silence, Musk once again spotlighted DOGE, sharing favorable remarks that have captured the attention of crypto enthusiasts worldwide.
Musk on Dogecoin’s Inflationary Model
Addressing Dogecoin's inflationary nature, Musk emphasized that its ongoing issuance is, in fact, an advantage rather than a drawback. He stated, “Dogecoin’s consistent and proportionally decreasing inflation is a feature, not a bug.” This stands in contrast to Bitcoin’s fixed supply, a characteristic often lauded by Bitcoin supporters yet criticized by some when discussing DOGE. Musk’s remarks were in response to Dogecoin’s co-creator, Billy Markus, who had broached the topic of DOGE’s inflationary design.
Billy Markus Weighs In on Potential Changes
Though Markus no longer actively develops Dogecoin, he shared insights on the possibility of adjusting DOGE's code to cap its supply. He explained that implementing such a change would require an official proposal and robust backing from both the community and miners. Markus also hinted at his weariness over repeated inquiries regarding DOGE’s inflation model, suggesting it remains a divisive topic among enthusiasts.
Bitcoin's Price Declines After Musk’s Comments
Interestingly, Musk’s remarks had a ripple effect on the broader market, with Bitcoin’s price taking a slight hit. Following his statement, Bitcoin dropped from around $93,000 to approximately $91,880, reflecting the market’s sensitivity to Musk’s influence.
Disclaimer: The information shared here is meant solely for educational purposes and does not constitute financial or investment advice. Always conduct thorough research before making any investment decisions, as cryptocurrency investments carry inherent risks.