Elon Musk, the dogecoin-boosting Telsa billionaire, has once again weighed in on the meme-based cryptocurrency, suggesting dogecoin fees need to fall before it can become a viable payment option.
The price of dogecoin has bounced over the last 24 hours, climbing alongside the bitcoin price as confidence returns to the cryptocurrency market. The bitcoin price rally, coming after a steep sell-off, fueled a broad crypto price surge.
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Musk, who has repeatedly called for dogecoin updates and improvements this year, was responding to a tweet by dogecoin co-creator Billy Markus.
“Robinhood announcing wallets, AMC CEO not only talking about accepting dogecoin but saying it was the single most interacted with tweet he has ever made, the crypto market finally seeing some green,” Markus said, referencing an earlier tweet by the chief executive of U.S. cinema chain AMC, Adam Aron, and fee-free trading app Robinhood’s announcement it would soon launch a crypto wallet.
“It’s clear that you think AMC should accept dogecoin,” Aron said after AMC revealed in August it plans to begin accepting bitcoin, ether, bitcoin cash, and litecoin by the end of the year. “Now we need to figure out how to do that.”
Aron had previously run a Twitter poll that attracted 140,000 votes within 24 hours, closing with 68% voting for AMC to accept dogecoin. Another 9% said to go ahead with the cryptocurrency even if they wouldn’t use it, while 23% said AMC shouldn’t bother with dogecoin at all.
“Dogecoin poll was by far my highest ever read tweet,” added Aron. “In 24 hours, 4.2 million views, my most ever retweets, most ever replies.”
Musk “liked” the dogecoin poll on Twitter, prompting Aron to call Musk “the epitome of innovation above all others.”
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Musk, who’s become one of dogecoin’s biggest backers following years of support, has repeatedly endorsed the meme-based bitcoin rival, drawing the ire of the bitcoin community. In July, speaking during a live discussion with Twitter’s Jack Dorsey, and major Tesla and bitcoin investor Cathie Wood, Musk elaborated on ideas he’d previously floated to use dogecoin and ethereum to “max transaction rates and lower transaction costs.”
Earlier this month, Musk called a dogecoin upgrade, designed to secure the dogecoin blockchain and reduce transaction fees, “important.”