The Dogecoin price is far from the previous all-time high of $ 0.7376. Nevertheless, meme token is currently making decent profits for investors again. The DOGE price has increased by more than 30 percent in the past 24 hours and is now around 0.165 US dollars. With a market capitalization of around 21.8 billion US dollars, Dogecoin is again the 10th most valuable cryptocurrency, leaving Avalanche (19 billion US dollars market capitalization behind).
Twitter purchase by Elon Musk fuels Dogecoin price explosion
However, the boom in the parody currency is not completely unfounded. Even as the signs of a possible takeover of Twitter by Elon Musk increased, the Dogecoin course jumped by around 15 percent. After the official announcement of the Twitter purchase made the rounds yesterday evening, the DOGE price continued to rise.
Many Dogecoin investors hope to integrate the cryptocurrency. Elon Musk has described Dogecoin as his favourite currency in the past and has also offered his support for the further development of DOGE.
Twitter supports Bitcoin, Ethereum and NFTs
As a social network, Twitter came into contact with cryptocurrencies early on. This was mainly due to the former Twitter CEO Jack Dorsey, who is currently going deeper and deeper into the crypto world with his company Block (formerly Square). Twitter introduced a tip feature via Bitcoin last year. This year, the same function finally followed for Ethereum. Many DOGE investors should now be hoping for the implementation of Dogecoin here. In addition, Twitter allows uploading NFTs as profile pictures.
Outside of one’s own activities, Twitter is also of great importance as a social network for the crypto industry. Again and again, there are public discussions between important people in the crypto sector. Elon Musk wants to create an even freer social network with the takeover. What his plans look like in concrete terms is not yet known. At least the cryptocurrency industry reacted positively to the takeover by Elon Musk with price increases in Dogecoin and other digital currencies.
Elon Musk Fuels Dogecoin Updates – Is DOGE Rising Again?
The Dogecoin price has exploded this year. Since October 2020, DOGE is up almost 10,000 percent and catapulted the meme token into the crypto top ten. In addition to the Wall Street bets, this was mainly due to Elon Musk, who declared the meme token to be his favorite currency.
For comparison, the Bitcoin price has increased by 400 percent in the last 12 months. BTC made most of its gains after Musk announced that Tesla had bought $1.5 billion worth of Bitcoin earlier this year.
Elon Musk focuses on Dogecoin updates
In recent weeks and months, Elon Musk has also been fueling Shiba Inu, another meme cryptocurrency with a similar logo. Musk had already declared at that time that he wanted to help with the further development of Dogecoin. Now the Tesla CEO is renewing that support.
Musk has now responded to a tweet by Billy Markus in which the co-founder of DOGE urged Dogecoin miners to keep their software up to date.
“What is needed is for mining pools to be updated,” Markus wrote in a Twitter thread. Musk responded with a thumbs-up emoji. Markus has now largely said goodbye to the Dogecoin project.
“Run a node if you like it or not. If you want to help support the network, you must make a commitment to running a complete, reliable node, consuming significant bandwidth, and keeping it up to date,” Markus wrote. “But for 1.14.4 to be a success, existing node operators need to be updated.”
The latest Dogecoin release, designed to “prepare the network for lower recommended fees,” has been online since August. Musk has previously urged network node operators to update their software to lower Dogecoin transaction fees.
Musk already stated last month that it is important for Dogecoin fees to fall. Ultimately, this would make DOGE significantly more attractive as a means of payment. In May, Musk announced that he was working with Dogecoin developers to “improve the efficiency of system transactions.”
Dogecoin Course Rises Again
The goal of the Dogecoin community was to reach $1. With the appropriate updates and acceptance as a means of payment by various companies, Dogecoin could be able to record further strong price increases in the future. Recently, Shiba Inu Dogecoin had come significantly closer and could force the flipping of meme tokens.