5.9k Share this

Elon Musk, the Tesla TSLA billionaire who’s alienated with much of the bitcoin and crypto community in recent months, has renewed his support of meme-based cryptocurrency dogecoin.

Don’t miss: What (or who) is driving the crypto market in 2021 and beyond? Tune in to Forbes’ free Crypto Codex Live webcast on October 14 at 2:00pm EDT and get ahead of the market

The dogecoin price has exploded this year, rising almost 10,000% since October 2020 and propelling the memecoin into the crypto top ten—helped by Musk’s mercurial Twitter persona. For comparison, the bitcoin price has added 400% over the last 12 months, with much of its gains coming after Musk revealed Tesla had bought $1.5 billion worth of bitcoin at the beginning of the year.

Replying to Billy Markus, one of the co-creators of tongue-in-cheek bitcoin rival, Musk agreed that dogecoin miners—who secure the network in return for freshly-minted coins—need to keep their software up-to-date.

Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

MORE FROM FORBESMajor Bitcoin And Crypto Exchange Coinbase Reveals Ethereum NFT Marketplace As Price Craze Continues


“What’s needed is for mining pools to update,” Markus, who has largely stepped away from the dogecoin project, wrote in a Twitter thread. Musk replied with a thumbs-up emoji.

“Run a node if you want, or not. If you want to contribute to helping the network, you will need to be dedicated to running a full, reliable node, using significant bandwidth, and keeping it up to date,” wrote Markus. “But for 1.14.4’s success, existing node operators need to update.”

The latest dogecoin version, designed to prepare “the network for lower recommended fees,” was released in August and Musk has previously called on those running network nodes to update their software to help lower dogecoin transaction fees—apparently part of his plan to “beat bitcoin hands down.”

“Super important for doge fees to drop to make things like buying movie [tickets] viable,” Musk said last month. Back in May, Musk revealed he was working with dogecoin developers to “improve system transaction efficiency.”

CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESGeorge Soros’ Fund Reveals Surprise Bitcoin Bet Amid Huge $500 Billion Crypto Price Surge

The dogecoin price, sometimes easily swayed by Musk’s doge-related comments, has so far failed to move much on Musk’s latest intervention. The dogecoin price peaked in May ahead of Musk’s much-hyped appearance on U.S. comedy show Saturday Night Live and has since lost around 70% of its value.

Other smaller cryptocurrencies have also seen huge price swings, thanks to Musk. Last week, Musk sharing a picture of his Shiba Inu dog, on which dogecoin is based, helped send the price of the dogecoin-derived shiba inu cryptocurrency up almost 500%. It’s since given up some of its gains but remains far higher than where it began the month.

Meanwhile, the bitcoin price has continued to surge, topping $58,000 per bitcoin for the first time since bitcoin’s China crackdown crash in May.

Source: Forbes

5.9k Share this
You May Also Like

MP Crispin Blunt insists AGAIN ex-Tory Imran Ahmad Khan is INNOCENT of sex attack on teenage boy

A senior Tory MP doubled down on his defence of a colleague…

Fox News Is the Brand of Murder — Strip Murdoch Family’s U.S. Citizenship

Former Democratic National Committee chairman Howard Dean said Thursday on MSNBC’s “The…

Triple tornado terror hits Germany as wild weather rips through city to leave trail of destruction

A freak storm which spawned three tornados and ‘snapped trees like matches’…

CA Tree Trimmer Found Guilty in Throat-Slashing Attacks

A California tree trimmer was found guilty in multiple throat-slashing incidents that…

‘Vast Majority of Americans Want to See Title 42 Ended’

Former Atlanta Mayor Keisha Lance Bottoms said Friday on CNN’s “OutFront” that…

You Don’t Have to Be a Business Owner to Think Like an Entrepreneur

In this ongoing series, we are sharing advice, tips and insights from…

Former German Chancellor Resigns From Russian Energy Corp Board

Former German chancellor Gerhard Schröder has quit his role on the supervisory board…

Kim Jong Un says he helped workers ‘rise like phoenix’ from Covid crisis by sharing medical supplies

North Korean leader Kim Jong Un has claimed he helped workers by…