Tesla and SpaceX CEO Elon Musk’s recent statements reveal that he still is very much confident about his favorite meme token Dogecoin.
During his appearance on the “Full Send,” podcast, Elon Musk discussed cryptocurrencies and Dogecoin in specific.
When asked about cryptocurrencies the meme-coin lover responded by saying “I’m mainly supporting Doge, frankly.”
Musk claims that the main reason he loves Dogecoin is the concept behind it. The billionaire noted that his favorite feature of the cryptocurrency is that it has “memes and dogs.”
Despite being intended as a “ridiculous joke currency,” Musk asserts that Dogecoin has practical applications. He stated that compared to Bitcoin, Dogecoin has a higher transaction capability.
Musk explained that while bitcoin transactions take around 10 minutes to complete, Dogecoin transactions are completed in just 60 seconds. According to Musk, this justifies the meme coin as a better form of the payment system.
The Tesla CEO noted, “I think actually weirdly even though Doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of Doge is much higher than bitcoin.”
In comparison to Bitcoin, which has a maximum supply of 21M, Dogecoin’s inflationary factor, which allows 5B coins to be created annually, may be better in the long run for establishing its use as a transactional currency, Musk added.
In January, Tesla began accepting Dogecoin for merchandise. In May, Musk’s spacecraft company, SpaceX, did the same thing. Just last month, Elon Musk’s Boring Company started accepting Dogecoin as a new payment method for rides on its Las Vegas Transit System.