Dogecoin was invented at the end of 2013 by software developers Billy Markus and Jackson Palmer to offer a quicker but “fun” option to Bitcoin. It was initially conceived to mock the various fraudulent cryptocurrency coins that appeared in the past and are named and logo from an old Shiba Inu meme that was popular a few years ago.
Musk is a vocal proponent of Dogecoin, a meme coin that was inspired by a Shiba Inu meme. Musk has repeatedly asked Dogecoin users to protect their coins as Tesla’s CEO anticipates the value of Dogecoin to increase “to the moon.”
DeFi systems are designed to offer an uncentralized and autonomous option for financial services which are subject to regulation by banks. Tesla Chief Executive Officer, as well as billionaire Elon Musk, has again endorsed Dogecoin as a ‘meme’ cryptocurrency over Ethereum declaring that DOGE could be utilized to create Decentralised Finance (DeFi) more accessible to all.
A DeFi system is an alternative to traditional finance that relies on blockchain technology that doesn’t rely on financial intermediaries like exchanges, brokerages, or banks to provide services. These platforms let users maintain their cryptocurrency-based assets that are Ethereum-based.
Musk replied to a CoinDesk report on Twitter in which he discussed the way that the Ethereum DeFi protocol, which is based on Ethereum, is being made inaccessible to investors of small size because of the high transaction costs. Musk tweeted a single-word response to the story “Dooooge” which refers to his most-loved cryptocurrency, Dogecoin.
Tesla as well as SpaceX CEO Elon Musk have been long-time advocates for cryptocurrency lengthy time and don’t avoid expressing his views via Twitter. He doesn’t avoid praising specific cryptos, for instance, Dogecoin which is often referred to as a meme coin among investors. In this year the price of Dogecoin dramatically increased (and decreased) following Musk declaring his support for the cryptocurrency in several tweets. The billionaire of 50 has once again extended the support of Doge over the popular cryptocurrency Ethereum.
Experts believe that DeFi sites that are based on open-source code that employs algorithms to set rates in real-time based on demand and supply are an exciting future for financial services. It’s said to offer an affordable and efficient credit option to consumers with no hidden costs. The CoinDesk article states that the large transaction fees are preventing retailers from making use of the Decentralised Exchange (DEX) systems.
Tesla President Elon Musk is very open about his belief in Dogecoin. It’s a meme-coin cryptocurrency that exploded in value this year. Then, Musk has some advice for those who own Dogecoin. In a brief reply, Musk said: “Exactly,” in response to a tweet sent by Lee who wrote, “not your keys not your crypto” in response to a tweet stating that the concept behind MyDogeWallet the Dogecoin metaverse gateway is to eliminate the dependence of exchanges like Binance or Robinhood.
Tesla head Elon Musk has declared “Dooooge” in an apparent response to a tweet about increased transaction fees on Ethereum. In response to this, the interest in his cryptocurrency has grown again. In addition, there are signs that it can be utilized to expand access to Decentralized Finance (DeFi). Musk has offered advice to crypto investors several times via his Twitter account. Before that, he had been tweeting about the popular Dogecoin, a cryptocurrency.
DeFi Systems aims to provide an uncentralized and autonomous alternative for financial services that are controlled by banks. The majority of DeFi’s apps are based on the Ethereum blockchain and have the highest transaction fees because of the price for each Ether (ETH) cryptocurrency. CoinDesk has released a study on the costs of using DeFi for investors with small amounts. In the response, Musk tweeted a one-word reply, “Dooooge”, alluding to his preferred cryptocurrency, Dogecoin.
Dogecoin has very low transaction fees. It’s about $0.65 for every transaction. This is one of the reasons why Musk described Dogecoin as “the cryptocurrency of the people” during October. He also thinks that transaction charges for Dogecoin are to be cut further. This way, it could be used to pay for purchasing tickets to movies.
Every transaction on the Ethereum blockchain needs computational resources. Therefore, the transaction fee or “gas” cost is paid. Gas prices are expressed in “gwei” the currency of Ethereum. Gwei equals 0.000000001 Ether.
Dogecoin was a meme-like token that was initially created as a joke, but it quickly developed into a popular currency. Following Elon Musk’s tweet relating to Dogecoin, the price had risen. In addition, the number of buyers also increased. It’s included in the top 10 cryptocurrency tokens according to market capitalization.
Musk is a defender of DodgeCoin has backed the idea that people hold their wealth, instead of having them held on central exchanges. Centralized exchanges continue to be the target of fraudsters. Hackers continue to try breaking into the exchange’s servers and steal the cryptos stored on them. A private crypto wallet not just decreases the possibility of hacking and stealing, but also lets investors keep their wealth.
The popularity of crypto is growing across the globe, however, at the same time; scammers are targeting investors from all over the world. Take note that in the past, an American financial services firm Robinhood has exposed hackers who tried to hack into their servers. This week the official Twitter account of Shiba Inu has also warned investors of cybercriminals’ attempts to get people to fall into their trap. In a video of just 50 seconds, the account was posted to its 2 million followers, the SHIB team revealed the fraud that was a fraudulent Shiba Telegram group, being posted via social media
I’m also doge coin lover😁