Elon Musk's Endorsement of Dogecoin
Dogecoin advocate Elon Musk recently extolled the virtues of the cryptocurrency in a statement on X (formerly Twitter).
Musk Addresses Inflation Concerns
Responding to criticisms about Dogecoin's unlimited supply and inflation, Musk stated, "Dogecoin's flat inflation, proportionally decreasing inflation, is a feature, not a bug."
Markus' Perspective on Inflation
Dogecoin founder Billy Markus previously suggested removing inflation from DOGE's mechanics by editing its open-source code. However, he emphasized the need for community and miner consensus before making any changes.
Musk's Prolonged Silence on Dogecoin
Elon Musk has not publicly discussed Dogecoin for an extended period, until recently.
Market Reaction
Following Musk's statement, Bitcoin's price experienced a decline, falling from approximately $93,000 to $91,880 at the time of writing.
Disclaimer
This article does not provide financial advice.