Elon Musk Sends Dogecoin Price Barking and Biting Again; New Coinbase Support Boosts Meme Coin

Elon Musk Sends Dogecoin Price Barking and Biting Again; New Coinbase Support Boosts Meme Coin
Elon Musk's remarks at the B-World Conference reiterating his support for Dogecoin sends the price of the meme-based token surging. Photo : Joe Raedle/Getty Images

Billionaire mogul Elon Musk indeed gave encouraging remarks on The B Word Conference about Bitcoin, saying Tesla would resume accepting payments in the world's largest cryptocurrency given its increasing use of renewables.

But the Tesla CEO made further comments echoing the ideas he had always expressed on making Dogecoin and Ethereum to "max transaction rates and lower transaction costs," a Forbes report said. During the panel discussion with Twitter CEO Jack Dorsey and ARK Investment Founder and CEO Cathie Wood, Musk argued that Bitcoin could not "scale to become the monetary system for the world at base layer," further stressing that it will "struggle to become peer-to-peer cash" without a second-layer network.

Dogecoin Value: Musk Sees 'Merit' in Combining Doge and Ethereum

Because of this, Musk said that there would be "some merit in combining something like Ethereum and Dogecoin," as he revealed that he, Tesla and SpaceX own Ethereum, Bitcoin and Dogecoin. Following his remarks, Bitcoin and Ethereum surged by six percent and 10.6 percent, respectively.

Previously, Musk had indicated he would support proposals to reduce Dogecoin transaction fees.

Musk had also previously warned that Bitcoin and Ethereum are "pursuing a multilayer transaction system," which he said has a "base transaction rate (that) is slow and transaction cost is high." Dogecoin, he claimed, stands out better than Bitcoin and Ethereum in terms of transactions and emphasized there is "merit (in my opinion) to maximizing base transaction rate and minimizing transaction cost," as exchanges would serve as the "de facto secondary layer."

Read Also: Dogecoin Price Prediction: Is Elon Musk's Doge Influence Fading Amid Crash?

In June, Musk tweeted that he "pretty much agree(s) with Vitalik (Buterin)" when the Ethereum co-founder was asked in a podcast if it would be possible to upgrade Dogecoin to "beat Bitcoin hands down," the Forbes report shared. Buterin said that if Dogecoin would act as a "bridge to Ethereum" that would allow an increase of "thousands of times per second" for people to trade Dogecoin, "that would be amazing."

As Musk made his comments, Dogecoin had already been on an immense 34 percent rally that went on from July 20 to July 22, Yahoo! Finance reported. As of this writing, Dogecoin is pegged at $0.19--up 1.38 percent in the last 24 hours, according to Coindesk.

Coinbase Commerce Accepting Dogecoin!

Contributing to Dogecoin's stronger bark and bite is Coinbase Commerce's announcement that it has started accepting payments in the meme-based cryptocurrency, Yahoo! Finance further reported.

Dogecoin joins six other assets the e-commerce platform supports for merchants in Shopify and WooCommerce, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stablecoins DAI and USD Coin.

Coinbase Commerce allows merchants process payments in cryptocurrencies and convert them into FIAT currencies or alternative cryptocurrencies through a Coinbase account.

Its addition to Coinbase Commerce follows Dogecoin's listing on Coinbase on June 3 and support for the meme token on Coinbase Pro. These listings and integrations has been part of Coinbase CEO Brian Armstrong's roadmap for a decentralized app store, self-custody options, and to draw more assets to Coinbase faster.

Related Article: Dogecoin Value, Investments Get Major Positive Forecast: Will It Break Through $1 Price?

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