ELON Musk has again tweeted his support of Dogecoin as the cryptocurrency rose by 17% this weekend following a midweek slump.
Yesterday the Tesla founder backed the supposed superior speed and environmental friendliness of DOGE over Bitcoin, tweeting: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
But his latest tweet has attracted the ire of other CEOs in the crypto world.
MicroStrategy founder Michael J. Saylor replied: “The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.”
The value of Dogecoin plummeted sharply after Musk talked about it on the late-night comedy show and called it a “hustle” in one sketch.
But it later rose after Musk said he was working with the Dogecoin to improve its impact on the environment – rising 29 per cent on Friday after a midweek dip.
It came after stocks plummeted by 17 percent last week, shaving $6.1billion in value from Bitcoin after the tech billionaire banned its use to buy Tesla.
Read our cryptocurrency live blog below for the very latest updates…