POINTS
- It has been revealed that Elon Musk has been advising developers after Dogecoin since 2019.
- The developers accepted Musk’s advice but reportedly rejected his grant.
- The rise in Docoincoin led to the property hitting a new total of $ 0.73.
Dogecoin developers have confirmed that Tesla CEO Elon Musk has been advising developers since 2019. They also say there are technological advances in the pipeline.
Dogecoin came up on Friday after Elon Musk said he was working with crypto developers to improve its performance as a payment method.
The cryptocurrency, which was considered a joke in 2013, rose more than 30% on Friday morning following Musk’s Twitter following. Touched a high of $ 0.56.
Ross Nicholl, one of four Doge developers working part-time, told crypto website Decrypt that the team has been working with Elon Musk for some time. Not only that, but Nicholl explained that they too are completing the upgrade. He said Doge 1.21 would improve integration, improve bag backups, and increase sync speed.
Nicholl said they declined to give Musk financial support but gave them more advice, comments and contacts. He added that the developers hoped that with Musk in the picture, they could continue to reduce Dogecoin’s power consumption, at the same rate on Thursday, which is already only 7% of Bitcoin.
Earlier, Musk had said during a Clubhouse session that “Dogecoin was made as a joke with cryptocurrencies, but the conclusion is funny.” He added, “The most bizarre result is that Dogecoin becomes the world’s next currency.”
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Billionaire Musk has been a strong supporter of meme cryptocurrency and often uses tweets about it. He recently wrote on Twitter that he plans to launch Doge “on the moon” with a SpaceX rocket in 2022. “DOGE-1 Mission to the Moon” has partnered with a Canadian company, Geometric Energy Corporation.
Elon Musk announced this week that Tesla would suspend Bitcoin payments due to environmental issues. He went back to Twitter again to allay fears in the market that his cryptocurrency enthusiasm may be waning. “To be clear, I strongly believe in crypto, but it can’t deliver a huge increase in fuel consumption, especially coal,” he said.
The crypto has risen more than 1,500% since the beginning of the year, largely due to Musk’s attention. It is now the fourth most expensive currency with a market capitalization of more than $ 70bn, according to CoinMarket.
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