Elon Musk Tweets Support For A Large Scale Dogecoin Upgrade
Elon Musk has recently tweeted support for Doge after taking a break from the topic. Musk had stopped tweeting about the coin back in May. This was after consistently tweeting about the coin for months.
During this time Dogecoin price went 11,000%.
There were speculations that the SEC had told Musk to stop tweeting. His tweets had huge sway on the buy and sell patterns in the coin, which seemed like market manipulation. And this is SEC’s business. So there has not been a word from Musk about Doge for a while. Until now.
DOGE Price & Musk’s Tweets
Some attribute Dogecoin’s growth over these past months solely to Elon Musk. Every time he tweeted, the price of the coin went up. Investors took this as a sign that there might be adoption coming for DOGE. As the price went up, more investors bought into the coin.
The two developers who created Doge had said they had created it as a joke. But now the joke had become one of the most valuable digital currencies. Growing tremendously in days and weeks.
Many investors, mainly the Bitcoin advocates, called for the billionaire to stop tweeting about cryptocurrencies. Pointing out that this could adversely affect the market.
Newcomers were buying into it, many based on being fanatic about Elon Musk.
Musk continued tweeting about the coin for months. Every time the coin seemed to be crashing, it took a single tweet to push it up again.
But after a while, Musk stopped tweeting his support for the coin. The coin came down along the market wide crash.
Despite the bloodbath, Musk has not been actively tweeting about the coin.
Dogecoin Core Development
As the Dogecoin gained popularity, there have been numerous developments going on in the project. Developers contributing to Dogecoin Core proposed a fee reduction change.
The proposal suggested reducing average transaction fees by 100x. The new model would split fee control between miners and node operators. Also, it would require less reliance on core development. Leading to a functional free transaction space that would help to keep the network healthy.
The proposal was posted on Twitter by software engineer Ross Nicoll, who is a contributor to Dogecoin Core.
Stakeholders received this news with much praise. Amongst the comments of support was a tweet from Elon Musk. The tweet read, “Important to support.”
The price of Dogecoin jumped after the tweet. The price of the coin went from $0.24 to 0.275. It’s currently trading at $0.259. It’s unclear if the tweet was the sole cause of the price movement, as Bitcoin was also climbing at that time.
There have been no more tweets of support from Musk since.
