🚨Elon Musk praises Dogecoin's inflation rate: 'It's a feature, not a bug!!!
On the Doge issue, Elon Musk has not backed down.
The world's richest person, who is about to become a U.S. government official, stated on Twitter (also known as X) that the inflation model of this joke cryptocurrency is a "feature, not a bug."
He was responding to a tweet from Dogecoin co-founder Billy Markus, explaining to developers how to adjust the token economics of the asset.
Unlike Bitcoin or Ethereum, Dogecoin (the sixth largest cryptocurrency with a market cap of $56 billion) has an unlimited supply, with 10,000 new coins minted every minute. Worth approximately $3,850. Since the number of Dogecoins is fixed, its percentage of the total supply will gradually decrease over time.
Markus was telling the Dogecoin community how to enable other developers to vote to change the token's economics. This is clearly controversial, as Markus stated: "You can change it on the spot, submit a pull request [and] convince the community and miners to use the new version. Now stop bothering me."
But Tesla CEO Musk has expressed support for the current feature, writing: "I think the smooth inflation of Dogecoin, which means lowering the inflation rate, is a feature, not a bug."
Elon Musk has been a fan of Dogecoin since 2018, frequently promoting the cryptocurrency on his now-owned social media platform. The developers of the asset exclusively told Decrypt in 2019 that they were working with Musk to make it a viable payment cryptocurrency.
Notably, Musk also stated last month that he is not actively involved in the crypto space, he just "kind of" likes Dogecoin because "it has dogs and memes, and I like all those things."
Musk's pumping effect can not only stir the market but has repeatedly become the ignition point of bull markets. In the future, keep an eye on ρꪊρρⅈꫀડ, if he continues to push new concepts, perhaps the next explosive coin will really be born.
