The billionaire, who has been marginalized by much of the bitcoin and crypto community in recent months, has renewed his support for the cryptocurrency based on the Dogecoin meme.
Don’t Miss: What (or Who) Will Rule the Crypto Market After 2021? To meet Forbes cryptographic code freedom live on October 14 at 14:00 EDT webcast in front of the market
The price of Dogecoin has skyrocketed this year, up nearly 10,000% since October 2020, which has brought Memecoin into the top 10 cryptocurrencies with the help of Musk’s kind-hearted Twitter personality. By comparison, the price of Bitcoin has risen 400 percent in the past 12 months, largely after Musk announced that Tesla bought $1.5 billion worth of Bitcoin earlier this year. it is over.
In response to Billy Marcus, one of Bitcoin’s rivals, turning cheeks with his tongue, Musk continues to update the software with dodgecoin miners protecting the web in exchange for newly created coins. I agree to keep it.
“What we need to do is update the dig pool,” wrote Marcus, who is away from the Dogecoin project, on Twitter. thread..Musk responds with a thumbs up emoji.
“Whether to start the node on demand. If you want to help your network, you need to run a complete and reliable node, use a lot of bandwidth, and focus on keeping it up to date. Yes,” wrote Marcus. But for 1.14.4 to work, you need to update your existing node operator. ”
The latest version of Dogecoin, which aims to prepare the “network for lower recommended rates”, was released in August, and Musk has previously updated the software to start network nodes to lower Dogecoin transaction rates. I was contacted. Bitcoin will take over. ”
“It’s very important to lower Doge’s cost of buying movies, etc.” [Ticket] Musk said last month that it was “possible”. In May, Musk announced that he was working with Dogecoin developers to “improve the transaction efficiency of the system.”
The price of Dogecoin could easily depend on Mask’s comments on Doge, but so far not much has changed from Mask’s recent intervention. The price of Dogecoin peaked in May, ahead of Musk’s big appearance on the American comedy show. Saturday Night Live has lost about 70% of its value.
Thanks to Musk, other small cryptocurrencies are also experiencing significant price fluctuations. Last week, Musk shared a photo of the Shiba Inu, on which Dogecoin is based, and increased the price of the Shiba Inu cryptocurrency earned from Dogecoin by almost 500%. I’ve since given up some of that gain, but it’s still way higher than where it started on the moon.
Meanwhile, the bitcoin price has continued to rise, hitting $58,000 for bitcoin for the first time since the collapse of the bitcoin suppression in China in May.