Dogecoin Is a Better Replacement for Bitcoin: Elon Musk
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Elon Musk is, once again, using his influence to push Dogecoin (DOGE) into the spotlight. Having cited concerns over the energy consumption and carbon footprint of the Bitcoin Network, Musk has proposed that Dogecoin is a more sustainable future cryptocurrency, given its environmental-friendly nature.
A few days ago, the outgoing billionaire revealed that he is working with Dogecoin developers to give the cryptocurrency a more efficient functionality. This revelation came after Tesla announced that it would halt Bitcoin payments for its vehicles. The electric vehicle manufacturer noted that it would prefer other cryptocurrencies that use less than 1% of Bitcoin’s energy consumption level.
Musk took to Twitter yesterday to highlight the goals he hopes for with the new improvements to Dogecoin. The Tesla CEO noted that the Dogecoin network has to reduce its block ten times and increase its block size by another tenfold, thereby decreasing its fees 100 times.
The product achieved from this upgrade would be a hard fork of the current Dogecoin chain, considering that it would overhaul the fundamental parameters affecting its consensus mechanism.
Musk argued that low fees are critical for Dogecoin to become the “currency of the Earth.”
Key Dogecoin Levels to Watch — May 17
Last week was a drag for the famous meme coin as the entire crypto market took a beating. The DOGE suffered a 50% drop from its recent record high, falling to the $0.3500 support, where a modest rebound got triggered.
Currently, a bearish channel has emerged for the fifth-largest cryptocurrency, as it battles to keep its head above the $0.5000 psychological resistance. That said, DOGE has to post a leg up to the $0.5100 level to regain an iota of bullish activity. Failure to clear this level over the coming hours could force the coin below the $0.4500 support.
Meanwhile, our resistance levels are $0.5100, $0.5500, and $0.5700, and our support levels are $0.4750, $0.4500, and $0.4200.
Total Market Capitalization: $2.1 trillion
Dogecoin Market Capitalization: $65.7 billion
Dogecoin Dominance: 2.1%
Market Rank: #5
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