Elon Musk and Dogecoin Earns Litecoin Creator Praise

Oluwapelumi Adejumo
Updated: Feb 2, 2022, 17:27 UTC

The creator of Litecoin, Charlie Lee, has showered encomium on Elon Musk and Dogecoin for their roles in pushing crypto to the public.

Elon Musk and Dogecoin Earns Litecoin Creator Praise

In this article:

Charlie Lee, the creator of Litecoin, one of the largest crypto assets by market cap, has hailed the popular meme coin, Dogecoin, for its role in driving mainstream adoption of the crypto industry. 

Lee went on to describe the meme token as being “great” and “pretty fun.”

Elon Musk and Dogecoin Helped Push Crypto Mainstream 

In a recent interview, the Litecoin creator conceded that the richest man in the world, Elon Musk, also played a role in making cryptocurrencies “a mainstream topic.”

His praise of Elon Musk and Dogecoin is unsurprising considering the role both have played in bridging the gap between the crypto industry and the mainstream public.

The SpaceX CEO has severally spoken about digital assets like Bitcoin, and others on his Twitter page. Apart from that, his electric car maker company, Tesla, currently accepts Dogecoin as a payment option for its products. 

This is coming after the same company invested heavily in Bitcoin last year and also briefly accepted the coin as a means of payment for its vehicles.

Aside from that, most of the spikes seen in the price of Dogecoin in 2021 were largely thanks to the tweets of the billionaire. Just recently, he urged McDonald’s to accept the meme coin as a payment option for its foods.

Notably, Dogecoin was launched in 2013 from a defunct Litecoin fork called “Lucky Coin.” Its popularity however soared last year thanks to Elon Musk and the GameStop stock saga. 

Litecoin Privacy-focused Upgrade is Finally Live

Litecoin is undoubtedly one of the oldest altcoins in the market as it is a Bitcoin fork for the best part of the last decade.

Recently, the network implemented its long-awaited privacy upgrade, tagged Mimblewimble. Like Monero, this upgrade would allow users to be able to keep their financial transactions away from the prying eyes of the public.

According to Lee, this upgrade will enable users to spend without the need to bother about privacy issues. With this upgrade, only the parties involved in a transaction are able to know the amount that was transacted.

Interestingly, Charlie Lee does not hold any units of Litecoin. In 2018, he sold all of his holdings right before the market crashed. This led to accusations of inside trading. 

However, Lee has denied any wrongdoing saying his focus is on how the project’s technologies work and not how these upgrades affect the asset’s price performance.

As of press time, Litecoin is trading for $112.

About the Author

Oluwapelumi is a firm believer in the transformative power power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas about how the industry could play a pivotal role in the emerging financial system. When he is not writing, he is looking to meet new people and trying out new things.

Did you find this article useful?