Responding to a tweet about high transaction fees with Ethereum, Elon Musk simply said “Dooooge” — hyping his favourite crypto but also pointing to how it can be used to make Decentralised Finance (DeFi) more accessible to everyone. The Tesla CEO often uses his Twitter handle to drop suggestions for crypto investors at a time the market is witnessing a global boom, and this is another occasion where he has posted about meme-based cryptocurrency Dogecoin. DeFi systems aim to provide an autonomous and decentralised option for financial services that are otherwise regulated by banks. Most of the DeFi applications are based on the Ethereum blockchain, where the transaction fees are now fairly high, because of the cost of each Ether (ETH) token.
Crypto news portal CoinDesk tweeted a story about the DeFi protocol becoming inaccessible to small investors due to Ethereum's high transaction fees. Musk tweeted a one-word reply under this story, “Dooooge”, referring to his favourite cryptocurrency, the Dogecoin.