Dogecoin saw its prices go up by 8% after the celebrity billionaire compared it with top brands. Elon Musk recently commented that the company has the potential to compete with the first bracket brands in the crypto market.
In a recent turn of events, Dogecoin saw its prices go up significantly. This was due to the comment made by Elon Musk who heaped praises on the company. He expressed his surety about the brand outperforming some of the tops. The company listed a proposal of carrying out a chain on transfers serving the same purpose as done the Network of Lightning on BTC.
Dogecoin Gets Mocked Inspite Of Gaining 8%
Twitter however did not receive this concept very well. They expressed their lack of trust in the idea that a third party will come into play. They stated that the proposed system cannot match the efficiency of the current Network Of Lightning.
Peter McCormack who is the host of a popular podcast, mocked the idea as well. Dogecoin, however, seemed to benefit from all the attention. They moved up the ladder by 8%. This was just below $0.23 when this article was written.
Despite the Tesla Mastermind’s repeated efforts, the company looked to reach a plateau. Elon Musk tried to promote DOGE in a famous show on Saturday but could not take the company above 70%. He was also spotted promoting the brand socially on different sites.
Even after the great push by a renowned influencer like Musk, Dogecoin failed to capitalize. It remains to be seen whether they can bounce back and do justice to all the attention that they received recently.
