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.