Elon Musk and Dogecoin earn the acclaim of the creator of Litecoin

Charlie Lee, the creator of Litecoin, one of the largest crypto assets by market cap, 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 "big" and "pretty funny".

Elon Musk and Dogecoin helped push cryptocurrencies 

In a recent interview, Litecoin creator admitted 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 not surprising considering the role they both played in bridging the gap between the cryptocurrency industry and the mainstream audience.

SpaceX and Tesla CEO (Tesla shares - ticker TLSA) has repeatedly talked about digital assets such as Bitcoin and others on his Twitter page. In addition to this, his electric car company, Tesla, currently accepts Dogecoin as a payment option for its products. 

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

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

Notably, Dogecoin was launched in 2013 from a defunct Litecoin fork called "Lucky Coin". However, its popularity increased last year thanks to Elon Musk and the action saga GameStop. 

Litecoin's privacy update is finally alive

Litecoin is arguably one of the oldest alternative coins on the market, having been a fork of Bitcoin for most of the last decade.

Recently, the network rolled out its long-awaited privacy update, labeled Mimblewimble. Like Monero, this update would allow users to be able to keep their financial transactions out of the prying eyes of the public.

According to Lee, this update will allow users to spend without the need to worry about privacy concerns. With this update, only the parties involved in a transaction are able to know the amount that was transacted.

Interestingly, Charlie Lee doesn't own any Litecoin units. In 2018, it sold all of its holdings right before the market crash. This has led to accusations of inside trading. 

However, Lee denied any wrongdoing saying his focus is on how the project's technologies work and not how these updates affect the asset's price performance. As of press time, Litecoin is trading at $ 112.