‘Doge is Underestimated’ – Elon Musk’s ‘Fav’ Bitcoin Rival Dogecoin Gets Surprising Upgrade

Dogecoin, the meme-based cryptocurrency called a ‘joke’ by the creator, has exploded in popularity over the past few weeks.

The dogecoin price has risen thanks to the attention of billionaires, rock stars and YouTubers – with Tesla

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CEO Elon Musk, once elected ‘dogecoin CEO’ and dubbed his ‘fav’ cryptocurrency, this week tweet: “Dogecoin is underestimated.”

With the dogecoin price reaching a staggering 600% since the end of January, developers who have long since abandoned memecoin are once again planning to update the aging software.

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“When it took off, there was a surge in attention and we want to keep the currency in operation,” dogecoin chief Ross Nicoll told Coindesk.

Dogecoin, created in 2013, saw its last major upgrade in June 2019 and now Nicoll, along with four other developers, wants to expand another major version to address the scalability and security issues of dogecoin within a year.

“We will always ensure safety. I’m not going to say that. [development] will not slow down again, but we will always be there to look for security issues to make sure the software is kept up to date, ‘Nicoll said.

At the end of January, Dogecoin soared as retailers arranged via Reddit’s WallStreetBets and Telegram chat groups, frustrated by GameStop

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trade restrictions, piled up in cryptocurrencies. The dogecoin price has fallen from its peak of just over $ 0.8, but it remains many times where it started in 2021.

Internet-savvy entertainers, however, have continued to address the tongue-in-cheek bitcoin competitor – hoping to push it even higher.

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

“Neil Armstrong landed on the moon first and now doge is next. I’m holding on,” Paul said. added, who tweeted fellow YouTuber Ben Phillips, who has been trying to drive up the dogecoin price for the past few weeks, and predicts that it will rise to $ 2 within the next few months.

Meanwhile, the bitcoin price continued to rise, reaching an everyday high of more than $ 49,000 per bitcoin over the weekend, as Wall Street finally moved to accept cryptocurrencies and Tesla of Elon Musk revealed that it was worth $ 1.5 billion in bitcoin. bought.

“The rise in the price of bitcoin and other cryptocurrencies, including dogecoin – which was also fueled by Musk on Twitter – is coming as digital currencies become mainstream due to the rising interest of both retail and institutional investors, leading to the increase in mass “As global interest rates remain at historic lows,” said Nigel Green, chief financial officer of deVere Financial Advisory Group.