Feature, Not A Bug: Elon Musk Hails Dogecoins Unique Inflation Model As DOGE Price Targets $1 Threshold
Elon Musk, the worlds wealthiest man and soon-to-be United States government employee, postulated on X that the OG meme coins inflationary model is a feature, not a bug.
Musk was responding to a recent tweet from Dogecoin co-creator Billy Markus (aka Shibetoshi Nakamoto) explaining to developers how to modify the cryptos tokenomics.
Unlike other top cryptocurrencies like Bitcoin or Ether, Dogecoin, the sixth most valuable cryptocurrency with a market valuation of $58.7 billion, has an infinite supplyat least 10,000 new coins are created every minute. This is worth just below $3,900. As its a fixed number of tokens, its percentage of the total supply steadily decreases over time.
Markus addressed repeated questions from the Dogecoin community about the assets inflation rate by referring to its GitHub code, specifically line 146. He pointed out that those interested in changing Dogecoins tokenomics could alter the code, make a pull request [and] convince the community and miners to use the new version.
Now stop fucking bothering me about it, he added.
However, Tesla/SpaceX CEO Elon Musk praised the model as it currently is, positing: I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug.
Markus agreed that Dogecoins steady, predictable inflation, with a percentage that decreases much lower than the dollar, positions the meme coin as a more practical digital currency for everyday transactions. The lower prices per coin make it more accessible for users compared to BTC and ETH.
Musks public support of Dogecoins inflationary model came on the heels of his official appointment as the co-lead of the novel Department of Government Efficiency (D.O.G.E), alongside pro-crypto entrepreneur Vivek Ramaswamy in Trumps administration. The newly created agency plans to cut waste and fraud from $6.5 trillion in US government spending and has the same acronym as the memecoin.
Notably, Dogecoin soared to $0.4289 following Musks latest remarks, its highest level in three years, as per CoinGecko.
Dogecoin Secures Golden Cross That Sparked 7,000% Rally In 2021
Since Donald Trumps presidential win on Nov. 6, the DOGE price has enjoyed a stellar rally, jumping over 145% since election day.
Meanwhile, popular crypto trader Mikybull is still discussing the potential impact of the golden cross flashing on Dogecoins weekly chart. The so-called golden cross is a bullish signal for the uninitiated when the 50-week moving average crosses above the 200-week moving average.
While Dogecoin rocketed nearly 7,000% in 2021 after completing the golden cross, the analyst is predicting a market cycle peak of around $1-$3 for DOGE approximately 1,135% based on the exponential diminishing law.
Text source: ZyCrypto
