Tesla billionaire Elon Musk signals surprising Dogecoin update support as Bitcoin price suddenly rises

Elon Musk, the Tesla TSLA billionaire who has become estranged from much of the Bitcoin and crypto community in recent months, has renewed its support for the meme-based cryptocurrency Dogecoin.

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Dogecoin price has skyrocketed this year, up nearly 10,000% since October 2020, and catapulted Memecoin into the crypto top ten – aided by Musk’s mercury Twitter personality. By comparison, Bitcoin price has risen 400% in the past 12 months, with much of its profits coming after Musk announced that Tesla had bought $ 1.5 billion worth of Bitcoin earlier this year.

In response to Billy Markus, one of the co-founders of the winking Bitcoin rival, Musk agreed that Dogecoin miners – who secure the network in return for freshly minted coins – must keep their software up to date.

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Elon Musk, CEO of Tesla, has endorsed the meme-based Dogecoin versus Bitcoin for much of this year, even after that … [+] Tesla’s $ 1.5 billion Bitcoin purchase helped drive Bitcoin price up.

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“What is needed is that mining pools are updated,” wrote Markus, who has largely said goodbye to the Dogecoin project, in a Twitter thread. Musk responded with a thumbs-up emoji.

“Run a node if you like or not. If you want to help support the network, you have to make a commitment to running a complete, reliable node, consuming significant bandwidth, and keeping it up to date, ”wrote Markus. “But for 1.14.4 to be successful, existing node operators must be updated.”

The latest version of Dogecoin, designed to “prepare the network for lower recommended fees,” was released in August, and Musk previously urged those running network nodes to update their software to lower Dogecoin transaction fees – apparently part of his Plan to “hit”. Bitcoin undoubtedly. “

“It’s super important that doge fees drop to do things like buying films [tickets] viable, “Musk said last month. Back in May, Musk announced that it was working with Dogecoin developers to” improve the efficiency of system transactions. “

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The Dogecoin price has increased over 8,000% in the past 12 months, bringing the Bitcoin price to … [+] the dust.

Coin base

Dogecoin price, which is sometimes slightly influenced by Musk’s dog-related comments, hasn’t moved much so far from Musk’s recent intervention. The Dogecoin price peaked in May before Musk’s much-noticed appearance on the US comedy show Saturday Night Live and has since lost around 70% of its value.

Other smaller cryptocurrencies have also experienced enormous price fluctuations thanks to Musk. Last week, Musk helped increase the price of the Dogecoin-derived Shiba Inu cryptocurrency by nearly 500% when Musk shared a picture of his Shiba Inu dog, which Dogecoin is based on. It has since given up some of its profits but remains far higher than it was at the beginning of the month.

Meanwhile, the price of bitcoin has continued to rise, surpassing the $ 58,000 per bitcoin mark for the first time since bitcoin collapsed in China in May.

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