Amid massive and general declines in the cryptocurrency market, Elon Musk continues to defend Dogecoin as a token of the future.
This has been a really tough week for cryptocurrencies. Since last weekend, a Massive sale of LUNA tokens caused UST, Terra's stablecoin, to lose its peg to the dollar, everything has happened so quickly. The cryptocurrency market has experienced a couple of really turbulent days that have ended with LUNA at almost zero and with an increasingly bleak future.
In the midst of this wave of red numbers, Elon Musk, CEO of Tesla, has once again come out to reiterate their support for Dogecoin (DOGE)The billionaire claims that the meme coin has the potential to become a currency with real use on the Internet.
As always, Musk used his Twitter account (which he now owns) most of the shares) to launch his message of support. Once again, Elon Musk has called on Dogecoin la “people's currency” to highlight its attractiveness and overall capabilities.
According to Musk, Dogecoin has an inflationary mechanism that makes it viable for general use and encourages people to spend more. Unlike other tokens, users are not as likely to buy the coin to hoard, as It does not function as a store of value.
Bitcoin, on the other hand, is a deflationary currency, which makes it not a good substitute for traditional fiat currencies. However, as has happened on other occasions, Musk has also shown his Doubts about the viability of Dogecoin to replace fiat money.
Robinhood and Dogecoin
For his part, Vlat Tenev, CEO of Robinhood, noted that Dogecoin It can be a much cheaper alternative to card networks. However, for this to become a reality, the block time of the coin has to be reduced below ten seconds.
In fact, according to data from the Twitter account @DogeWhaleAlert, more than a third of the global circulating DOGE supply (around 30,90%) is held by Robinhood. This equates to $4.390.002.113 and amounts to a total of 40.998.170.618 DOGE.
@DogeWhaleAlert detected a transaction from an anonymous address that moved 359.324.741 coins worth about $38 million, which had a commission of only $6,71, something that no one will ever be able to match.
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