Elon Musk. Patrick Pleul/picture Alliance via Getty Images
Elon Musk claims that dogecoin fees must fall in order to be viable as a payment option.
After AMC CEO stated that the movie-chain operator might accept dogecoin to pay movie tickets, his tweet was sent.
Musk's most recent tweet indicates that he isn’t certain about Tesla adopting dogecoin.
Subscribe to our daily newsletter 10 Things Before The Opening Bell.
Tesla boss Elon Musk stated Wednesday that dogecoin fees will have to drop in order for it to be a viable payment option. This comes after AMC CEO and movie-chan operator AMC suggested that he might offer it as a way to pay for tickets.
Musk tweeted, "It is very important that doge fees drop to make it possible to buy movie tickets viable."
The CEO of a billionaire company was responding to Billy Markus, the creator of dogecoin. Markus is no longer involved in developing the digital asset.
Markus tweeted, "Robinhood announces wallets, AMC CEO talking about dogecoin, and saying it was the single-most interacted with tweet he had ever made, the cryptocurrency market finally seeing some light."
The week began with cryptocurrencies having a poor start. The market's total value fell below $2 trillion. This was due to Evergrande's debt crisis causing a massive risk appetite and sending nearly every asset class lower. Bitcoin fell 8% to $43,000, while dogecoin dropped 13% to 22c.
The majority of digital coins saw some gains Wednesday after Robinhood announced that it will launch a crypto wallet within the next year. AMC CEO Adam Aron also responded to a Twitter poll asking for feedback on whether or not dogecoin should be accepted in theaters.
Aron stated, "It is clear that you believe AMC should accept Dogecoin." "Now, we have to figure out how that can be done."
Aron was also thrilled to hear Musk liked his poll and called him the "epitome" of innovation.
Musk has been quiet about cryptocurrency since his announcement that Tesla would stop buying vehicles using bitcoin to protect the environment. Musk had previously suggested adopting dogecoin as an alternative to bitcoin for the EV-maker, but his latest suggestion of lower fees seems to indicate that he isn't certain.
Dogecoin fees pay for the effort required to process transactions on the blockchain. These fees may fluctuate depending on how busy the network becomes. Last month, the dogecoin team announced an update to its network that would allow for future fee reductions. Musk reacted positively and called it "good progress".
Dogecoin traded at 22 cents last Thursday. According to CoinDesk data, it has increased more than 4,500% this year.
Read more: Five experts have shared their thoughts on how the crypto and other altcoins could surge or fall ahead of Friday's expiration of its $3 billion options.
