Elon Musk Praises Dogecoin Inflation Rate: ‘Feature, Not a Bug’
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Elon Musk isn’t backing down when it comes to Dogecoin.
The world’s richest man and soon-to-be U.S. government employee said on Twitter (aka X) that the joke cryptocurrency’s inflationary model is a “feature, not a bug.”
He was responding to Dogecoin co-founder Billy Markus’ tweet explaining to developers how to adjust the asset’s tokenomics.
I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug— Elon Musk (@elonmusk) November 13, 2024
Unlike Bitcoin or Ethereum, Dogecoin—the sixth-biggest cryptocurrency with a market cap of $56 billion—has an infinite supply limit with 10,000 new coins minted every minute. That’s about $3,850 worth. Because it’s a fixed number of coins, the percentage it represents of the total supply gradually falls over time.
Markus was telling the Dogecoin community how to get other developers to vote on changing the coin’s tokenomics. It had clearly a point of contention, as Markus added: “You can change it right there, make a pull request [and] convince the community and miners to use the new version. Now stop fucking bothering me about it.”
But Tesla CEO Musk replied in support of the feature as it currently exists, writing: “I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug.”
Markus responded in agreement, saying that he believed Dogecoin’s model made it “ideal for something intended as a currency.”
i agree that it is ideal for something intended as a currency steady predictable inflation with a percentage that goes down much much lower than the dollar.
