Reports have emerged suggesting that Ethereum (ETH) co-founder Vitalik Buterin and Tesla (NASDAQ:TSLA) CEO Elon Musk will get together and start working on an upgrade to Dogecoin (DOGE).
As a result, the price of Dogecoin skyrocketed. Dogecoin is currently changing hands at $0.08761, up 8.46% in the last 24 hours and about 2.4% in the last seven days.
DOGE intraday price chart. Source: Finbold
Interestingly, the price of DOGE surged more than $1 billion in its market cap in just over an hour, from $10.9 billion to $12.07 billion, before pulling back slightly.
One-day market cap chart from DOGE. Source: Coinmarketcap
The increase in the DOGE price came after crypto podcaster and influencer David Gochstein told his 700,000 followers that he believes Ethereum co-founder Vitalik Buterin and Twitter CEO Elon Musk will soon appear in a tweet on Nov. 25. Let’s work together to improve Dogecoin.
I think we’ll all see Vitalik and Elon team up to upgrade in some way $DO,
— David Gokhshtein (@davidgokhshtein) November 25, 2022
Buterin and DOGE move to proof-of-stake
Specifically, Finbold reported in September 2021 that Buterin said DOGE should consider moving to proof-of-stake (PoS), adding that Ethereum code could easily be used for that transition. Is.
The transition to proof-of-stake is also highlighted on the Dogecoin trail map. Not only does Vitalik have the legal authority to take such positions as Ethereum’s regulator and founder, but he also does so as a member of the Dogecoin Foundation, which he joined in 2021.
Earlier this year, Buterin confirmed that he was assisting with Dogecoin’s proof-of-stake transition. The Ethereum co-founder was referring to a proposal published over Christmas last year that outlined a strategy for executing the DOGE proposal for a “community staking” version of PoS that would allow more individuals to participate in the management of the Dogecoin network. Will let you take
“He recently released the Dogecoin Foundation in collaboration with Vitalik Buterin, published last Christmas last year, to build community staking.”
Will Dogecoin keep pumping?
As the price of DOGE rises, crypto trading expert Altcoin Sherpa tweeted The currency of memes is unlikely to continue to rise:
“Doge: Moving issue due to news from Elon. Really don’t think this will be a sustainable pump given the market conditions; could probably short about $0.09.
To keep the DOGE chart short. Source: Altcoin Sherpa
Dogecoin’s ability to maintain the pump is highly questionable given the current market conditions and the fact that it’s already starting to pull back, but that hasn’t stopped DOGE investors from watching their information closely in the meantime. to keep.
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