Elon Musk Approves a New Use Case for Dogecoin (DOGE)
AI Trading

Elon Musk, the CEO of Tesla and founder of SpaceX, has sanctioned a ridiculous idea of creating a hot tub that will be heated through Dogecoin (DOGE) mining.

The new use case suggestion for Dogecoin (DOGE) came from the official Twitter handle of the leading crypto portfolio tracker, Blockfolio.

Read Also: Dogecoin (DOGE) Hits All-Time High Ahead of Elon Musk’s Saturday Night Live (SNL) Debut

Blockfolio tweeted, “A hot tub that’s heated by mining dogecoin. Elon Musk, I don’t care how, just make it happen.”

AI Trading

In response to Blockfolio’s ludicrous suggestion, Elon Musk wrote, Great idea.”

Read Also: Elon Musk Loses World’s Second-Richest Position after losing $3.16 Billion in A Day

Since the billionaire CEO of Tesla is already leading Dogecoin’s development after accepting DOGE for a satellite mission, it could simply be assumed that another project is underway.

Dogecoin (DOGE) adopts the proof of work (PoW) consensus algorithm like the flagship cryptocurrency Bitcoin (BTC), which implies that it requires computing resources to mine new coins.

Although the digital currency is regarded as a joke, its miners are making whopping money on a daily basis, with their revenue surging to over 4,500 percent in 2021 due to growing transaction fees, according to ByteTree data.

Read Also: Brian Armstrong Says Coinbase Will Add Dogecoin (DOGE)

Dogecoin (DOGE) does not consume energy as much as Bitcoin (BTC) because it’s a scrypt-based cryptocurrency. Due to its dual mining model, it can only be mined together with other coins like Litecoin (LTC).

Dogecoin (DOGE) and Other Cryptocurrencies in the Market

It’s obvious that the crypto market is still struggling to maintain its balance since the devastating price crash that affected all the cryptocurrencies in the market, including Dogecoin (DOGE), Bitcoin (BTC), and Ethereum (ETH).

Whether the market is set for this year’s second phase of price bull run is uncertain, considering the increased selloff rate.

Read Also: Billionaire Carl Icahn Highlights What Makes Ethereum (ETH) Better Than Bitcoin (BTC)

Currently, Dogecoin’s price trend is not better than others. At the time of writing, DOGE is trading at $0.2996, with a relatively 3% price downtrend in the last 24 hours.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App

AI Trading

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.