Dogecoin that was regarded as a “joke” by the maker is a meme cryptocurrency, grown in popularity over the last weeks.
With Tesla CEO Elon Musk, once elected “dogecoin chief executive” and called it his favourite cryptocurrency, the dogecoin price has risen with attention paid to the billionaires, rock stars, and Youtube users. Now, with the dogecoin price’s rise to 600% since the end of January, developers who had quitted the meme coin long ago are back and plan to upgrade the ageing app.
The Dogecoin lead maintainer Ross Nicoll informed about the crypto and Bitcoin news outlet Coindesk. According to him, when it took off, there was a resurgence in attention. He further added that he wants to keep the cryptocurrency operational.
Dogecoin was established in 2013 and saw its last major update in June 2019. Now, Nicoll and four other developers plan to release another big update to fix the scalability and safety issues of Dogecoin within one year. Nicoll said that he does not guarantee that the [development] won’t slow down again, but we’ll always be here searching for security issues so that the software is kept informed. Shortly, he prioritizes safety.
Dogecoin soared at the end of January. The dogecoin price decreased by just over $0.8 from its peak but remains where it started in 2021. Yet Internet entertainers have kept talking to a tongue-in-cheek bitcoin opponent—in the hope of moving them ever further. They have the same potential, and still, it’s early, Jake Paul, a YouTuber said via Twitter. It is Bitcoin’s younger brother, he said.
Paul added, repressing Youtuber boy Ben Phillips, who has been attempting to rake the dogecoin price in recent weeks — predicting it will hit $2. He further added that Neil Armstrong went to the Moon, doge is going to be the next.
Meanwhile, bitcoin’s price has kept rising and reached over $49,000 a bitcoin over every weekend, as Wall Street eventually moves to include cryptocurrency.
Nigel Green, Chief Executive Officer at the financial advisory group, said that due to increasing retail interests, rising levels of mass adoption, and lower global interest rates, the increase of Bitcoin and other cryptocurrencies like dogecoin prices – fuelled by Musk’s support on Twitter – has become popular as digital currencies continue to rise.