‘Doge Is Underestimated’ – Elon Musk’s Rival Dogecoin Bitcoin Fav Gets Amazing Update

Dogecoin, the meme-based cryptocurrency dubbed a “joke” by its creator, has exploded in popularity over the past few weeks.

The price of dogecoin has gone up with attention from billionaires, rockstars, and YouTubers – with Tesla

chief executive Elon Musk, who was once voted “Head of dogecoin” and named his “fav” cryptocurrency, this week tweeting: “Dogecoin is considered scarce.”

Now, with the dogecoin price up blistering 600% since the end of January, developers who had abandoned the memecoin a long time ago and plan to update the software are getting older.

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“When it went away there was a revival in mind and we want to keep the currency working,” dogecoin chief custodian Ross Nicoll told Coindesk, bitcoin and cryptocurrency news release.

Created in 2013, Dogecoin saw its last major update in June 2019 and now Nicoll, along with four other developers, wants to release another major release to address dogecoin’s scalability and security issues alongside within a year.

“We always prioritize security. I’m not going to say that [development] we will not be slowing down again, but we will always be on the lookout for security issues to ensure that the software is maintained, “Nicoll said.

Dogecoin soared in late January when traders placed sales through Reddit’s WallStreetBets and Telegram chat groups, plagued by GameStop

trading restrictions, accumulated to cryptocurrencies. The price of dogecoin has fallen from a high of just over $ 0.8 but is still many times where it started in 2021.

However, internet entertainers have continued to talk about bitcoin’s tongue-in-mouth competitor – hoping to push it even higher.

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“Doge is bitcoin’s younger brother. They have the same potential. It’s still early days,” YouTuber Jake Paul said via Twitter.

“Neil Armstrong first landed on the moon and now there’s the next door. I hold on,” Paul added, rewrites fellow YouTuber Ben Phillips who has been trying to pump up the price of dogecoin for the past few weeks – predicting it will go to $ 2 “within months ahead. “

Meanwhile, the price of bitcoin has continued to climb, hitting an all-time high of more than $ 49,000 per bitcoin this weekend as Wall Street finally moves to adopt cryptocurrencies and Elon Musk’s Tesla revealed that it has bought $ 1.5 billion worth of bitcoin.

“The rise in the price of bitcoin and other cryptocurrencies, including dogecoin — which was also prompted by Musk’s approval on Twitter — comes as digital currencies become mainstream due to high interest from retail and institutional investors, increasing adoption rates, and how global interest rates will remain at historic levels, “Nigel Green, chief executive of financial advisory group deVere, said in a statement. email comments.