Dogecoin up 10% as Gochstein claims Buterin and Musk will team up for DOGE


Crypto influencer David Gochstein has told his nearly 700,000 followers on Twitter that he expects Ethereum co-founders Vitalik Buterin and Elon Musk to join forces to upgrade Dogecoin.

The price of Dogecoin, possibly caused by Gochstein’s speculation, later saw a massive increase of over 12% at one point. The price rose from $0.0823 to $0.0913 on Binance. However, at the time of writing, DOGE was already experiencing a minor swing correction and was trading at $0.0882.

Dogecoin pumps, 1 hour chart. Source: TradingView

“I think we will all see Vitalik and Elon work to upgrade DOGE in some way,” Gochstein tweeted, adding that “they won’t work on bitcoin — precisely because Vitalik has tried in the past. And he got kicked out and Elon is interested in turning what started out as a joke into something serious.

However, it’s important to note that neither Musk nor Buterin have commented on Gokhstein’s tweet.

The crypto influencer is making pure speculation, possibly based on previous statements from both individuals. Musk is considered one of the biggest, if not the biggest supporter of Dogecoin (DOGE). His tweets have caused huge swings in DOGE’s share price in the past.

Last but not least, there are rumors and indications — which Musk has never completely dispelled — that Musk himself is the largest holder of Dogecoin (DOGE).

Deep Dogecoin is the connection between Buterin and Musk

For his part, Vitalik Buterin has spoken several times about upgrading DOGE from Proof of Work to Proof of Stake.

According to Buterin, Dogecoin has been considering going to proof-of-stake for some time. Buterin shared this assessment at Mainnet 2022, a crypto conference held September 21-23 in New York.

Also read  Indian crypto companies react to FTX collapse

In August 2021, the Dogecoin Foundation announced its relaunch. The foundation was first established in 2014 and has been backed by Ethereum masterminds ever since.

Buterin has joined the board of the newly established Dogecoin Foundation as one of its four-member advisory team. A representative of Elon Musk is also on board.

This is not surprising given the previous actions of the Tesla CEO regarding Dogecoin. Last but not least, Musk advocated, among other things, a drastic reduction in transaction costs on the Dogecoin network.

Furthermore, Buterin has donated large amounts of DOGE to the Dogecoin Foundation several times in the past, the last time in November 2021. A year ago he donated 20 million DOGE.

Therefore, even if Gochstein’s statement is pure speculation, in fact there is a connection between the two personalities that does not make a joint effort impossible.




Leave a Comment