Developers of the cryptocurrency Dogecoin were no doubt caught by surprise with the amount of attention their tech has received in recent weeks. This amount of attention appears to have resulted in them trying to make some crucial improvements to ensure that this hype train doesn’t stop anytime soon.
These are great signs for DOGE holders as this shows a complete shift in thinking towards a coin that was originally designed as a meme. In order for the coin to be a long-term success, it needs to show signs that it has the potential to be used for daily transactions and recent developments might make skeptics of the coin at least entertain the idea that there is more to this coin than first met the eye.
What You Need To Know
Firstly, on Sunday developers of DOGE announced that they had released a new version of the protocol’s core that has been designed to improve synchronization speed. Along with this, they have also improved the speed at which a DOGE node can upload blocks. This has been achieved by removing expensive integrity checks that took place every time a block is sent to another node.
How This Can Influence The Price Of Dogecoin?
These updates are the first significant updates since July 2019. It is no coincidence that efforts to improve their tech have come after the support from Elon Musk which has seen the coin reach a market cap of $6 billion.
The support of this coin has been seen largely as a bet against the system with many hoping to get rich quickly with many buyers coming together to attempt to pump the coin to prices unimaginable but these updates will make the claims of Musk seem more credible and perhaps in the long term will make more serious investors think about holding DOGE as part as their portfolio.
As of this morning, Bitcoin has seen gains of 10% from yesterday’s lows so it looks like there is a chance that we have found our bottom and for the short term the only way is up. Here is hoping anyway.