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According to a cryptocurrency commentator, Elon Musk may be interested in other altcoin projects besides Dogecoin. The recent Twitter activitydollar series is also thought to fuel speculation and Musk may support Ethereum and Cardano as a result of concerns about Bitcoin’s energy consumption.

Is Elon Musk’s relationship with DOGE declining?

Elon Musk is known to be an outspoken supporter of Dogecoin, with his support for the rise of the meme coin price in the past. However, observers note that he has not been very active in the Dogecoin community lately. He posted his last big tweet on the crypto space from July. At the time, he referred to Dogecoin as “a money, not just a way to make money.” Therefore, speculation is emerging that Tesla’s billionaire CEO may expand his support for the crypto space to other altcoins as well. Fueling the speculation was Elon Musk’s latest Twitter activity.

In a recent conversation with Twitter CEO Jack Dorsey, Elon Musk said “that’s my security word too” in response to Dorsey’s post that simply says “crypto”. Another example was a recent picture she shared with her new Shiba Inu puppy named Floki. Cryptocoin. com

As we reported , the tweet had the effect of raising the price of Shiba Inu Floki, a Shiba Inu themed meme token. The price of the token increased by 1000%, reaching an all-time high.

Musk and BTC relationship also deteriorated

Musk claims to have been, and now is, a supporter of Bitcoin. The pioneer coin was probably the first coin to catch his attention, but the relationship took a turn for the worse when Musk pointed out the high energy consumption of the Bitcoin network. Musk said that Tesla will not accept BTC payments until the network shows evidence of using a significant amount of green energy.

“Elon Musk may have set his eyes on these 2 altcoin projects”

Therefore, according to crypto commentator Adrian Klent, it may come as no surprise that Musk is promoting an energy-efficient altcoin or even adding it to his company’s portfolio. Klent points out that notable coins in this category are Cardano’s ADA and possibly Ethereum (ETH). Musk previously mentioned Ethereum when he announced his investment in the second largest cryptocurrency. He stated that Ethereum has potential.

Ethereum plans to become more energy efficient and scalable when it successfully transitions to a proof-of-stake consensus mechanism with the ETH 2.0 update. According to Klent, this could make the altcoin attractive to the billionaire. At the same time, Cardano already works with the PoS mechanism. Cardano founder Charles Hoskinson stated that Cardano is currently 1.6 million times more energy efficient than Bitcoin.


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Michael Lewis

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