Elon Musk support reverses dogecoin price drop

After dogecoin dropped 10% in 24 hours Thursday, an early morning tweet from Elon Musk brought the meme cryptocurrency back up, for now.

In a reply to crypto YouTuber Matt Wallace, the Tesla CEO and dogecoin enthusiast tweeted that the meme coin could beat out Ether and Bitcoin after a protocol change it is rolling out soon.

“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high,” Musk tweeted.

He added that dogecoin is different than Bitcoin and Ether when it comes to transactions.

“There is merit (in my opinion) to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer,” Musk said in the same tweet.

The self-proclaimed dogecoin enthusiast’s tweet brought the price of dogecoin up to around 22 cents in the early morning. The cryptocurrency had dropped to 19 cents the day before.

After rising to a high of nearly 74 cents in May, dogecoin has mostly lost value since then. Despite corrections, the meme coin is still outperforming the stock market.

Along with dogecoin, Bitcoin and Ether also dropped early Thursday as China’s central bank said it is worried about global financial risks from some digital currencies. In the U.S., Sen. Elizabeth Warren sent a letter to SEC Chairman Gary Gensler asking for information about the agency’s authority and position on regulating cryptocurrency exchanges.

Dogecoin was trading at around 22 cents as of publication.

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