Dogecoin refused to perform as per Elon Musk tweets

Jul 14, 2021 0 comments

Elon Musk, crypto enthusiast and the CEO of Tesla, has once again published a tweet that could have pumped the Dogecoin price. Since the beginning of this year, DOGE has surged tremendously and gained exceptional value. With the performance, the coin has seen mainstream attention globally. Musk’s tweets are one of the primary reasons that helped the coin grow at such a pace.

However, since the recent crypto market crash impacted prices in the altcoin market, DOGE lost a significant value. Notably, the tweets from Elon Musk that helped the price achieve significant value are also no more effective.

Elon Musk suggesting for Dogecoin upgrade

On Saturday, Elon Musk, the CEO of SpaceX, shared a post on its Twitter account suggesting Dogecoin devs for minimizing the transaction cost. The billionaire entrepreneur believed that the upgrade would help DOGE to provide many sustainable transactions. Indeed the transactions could be cheaper and faster than other major cryptocurrencies like Bitcoin and Ethereum. Hence the factor will make the coin more superior to others.

Moreover, Elon Musk mentioned that BTC and ETH are pursuing a multilayer transaction system. However, still, the baselayer transactions will stay more slow and expensive. Hence, the next upgrade of the meme-based cryptocurrency could give merit IMO to the coin. In contrast, other cryptocurrency exchanges like Coinbase and Kraken could act as the de facto secondary layer.

DOGE is already offering 15x faster transactions

Following the tweet of the Dogecoin developer and Elon Musk, an IT engineer noted a few points. In the tweet, the engineer named Pranay Pathole highlighted that DOGE transactions are already 15 times faster than Bitcoin. Notably, it would be easy to achieve a drop in costs, but increasing the block time speed could be challenging. Also, he mentioned that achieving block size improvement is also possible and can be achieved easily.

Musk responded that the size of each block and frequency of transactions should increase at a slower pace. And such a snail run will help match broadly available bandwidths.

Is the Dogefather missing something?

Following the impact of Elon Musk’s tweets on the price of DOGE, the meme-based coin community entitled him as the Dogefather. However, following the suggestions, two Bitcoin community influencers noted a nuance that the Tesla CEO missed. Gabor Gurbacs and Samson Mow deemed that the Dogefather forgot that the coin is mined with Litecoin.

Dogecoin is mined together with Litecoin, which helps prevent 51% of attacks on the network. Hence, to enhance the transactions, dogecoin developers will have to hard fork the coin.

Performance of DOGE price

Every time DOGE performed bullishly with celebrity words. While the community members were discussing with the Dogefather about the upgrade, DOGE went up by approximately 3.17%, near $0.22. Still, Doge was down by more than 9.59% over the last seven days.

At press time, DOGE is trading at the level of $$0.2101. The price is down by more than 3% over the past 24-hours. In comparison, the price of the coin is down by more than 10% over the past week. oN the other hand, the price of Bitcoin was trading down by only about 3% over the last seven days.

Sourced from thecoinrepublic.com.

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