Recently Tesla CEO Elon Musk commented on Ethereum blockchain Defi projects concerning the high gas fees.
Currently, there are a large number of Defi platforms available on the Ethereum blockchain network. But gas fees are very high in the Ethereum network, so going with DeFi project-based investment has become a tedious decision for people.
Coindesk, a crypto news website, highlighted the concerns of retailers about the high fees and restricted retail crypto traders from these platforms, saying “high gas fees has subsequently made Defi inaccessible to retailers”.
To this Elon Musk responded by tweeting “Dooooge”.
While it is true that the Ethereum blockchain network transaction fees are high, we must not forget here that Dogecoin as of now does not support decentralized exchanges (DeFi). This being the reason on unavailability of smart contract features in the Dogecoin blockchain network.
But here the question arises whether the Dogecoin team will work forward to adapt the Dogecoin blockchain network to crypto projects such as DEXs.
Following the response of Elon Musk, much has now begun in the doge community. Elon Musk, on the one hand, supports Dogecoin due to the high potential transactions and on the other hand, Ethereum puts a lot of load on its network due to other projects, while Dogecoin only manages its network and local token doge.
While we can assume that Elon Musk is just trying to use the term dogecoin anywhere in the crypto community regardless of the actual discussion.
Elon Musk has tweeted many times in the past while favoring the dogecoin and thus sending dogecoin to new highs on a much larger scale.