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Dogecoin Gains 8% On Claim Elon Musk Will Upgrade DOGE With Vitalik Buterin

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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.

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

Also read  Here's Why The Best Crypto Gains Have Held Over The Last 24 Hours - InsideBitcoin.com

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.

disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: finbold.com

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