The Doge Price had a little 13% spike increase after Elon Musk laid down some ideas on why he Dogecoin will be superior to bitcoin. He criticized the scaling efforts of bitcoin and ethereum. Due to the fact that dogecoin’s upgrade will increase transaction speed and reduce transaction cost.
Elon Musk explained that due to the low transaction speed and high transaction cost, Bitcoin and Ethereum had to depend on multi-layer transaction system. Just like for instance there is an upcoming taproot upgrade for bitcoin. This upgrade is expected to make transaction speed faster and cheaper. While other people criticize his immature support towards doge, FTX CEO, Sam Bankman-Fried supported it.
