Tag Archives: dogecoin

Elon Musk Tweet Leads To An 'Important' Upgrade For Almost 800 Dogecoin Nodes

In a recent tweet, a Dogecoin (CRYPTO: DOGE) developer, Doge Whisperer mentioned the importance of the 1.14.4 Dogecoin upgrade, referring to a two-week-old tweet of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk. 

Musk said it is 'important' to update the Dogecoin nodes, replying to Doge Whisperer's tweet on the Doge upgrades. Musk's tweet indicates that the upgrade in Dogecoin nodes is a key step to getting optimum growth while improving the blockchain's software security. 

What Happened: In the September 11th tweet, Doge Whisperer said, “Elon Musk told me it's important we upgrade our #dogecoin nodes. This will help secure the network and lower transaction fees. Currently, we are at 763 nodes and are making good progress. If you have an old node, upgrade to the newest version. The more new nodes, the better!”

In June, Musk had said that it was important to support the Dogecoin fee reduction. At the time, he was reacting to a proposal by DOGE developer Ross Nicoll.

According to the block explorer, Blockchair, Dogecoin only has around 1,090 nodes worldwide. Tom Bustamante, the Founder, and CEO of DogeLabs, commented, “Contributing nodes to the Doge network provides for faster transactions and more stable blockchain.”

Related Link: EXCLUSIVE: Matt Wallace Says His NFT Project DogeX Will Deepen Ties Between Dogecoin And Ethereum

Why It's Important: In August, Doge co-creator Billy Markus noted that the adoption of the latest DOGE upgrade would not happen immediately. The 1.14.1 update is the first part of a two-stage update to lower the fee. It is in the follow-up release that fee lowering would be implemented.

The 1.14.4 Dogecoin upgrade is intended to reduce transaction fees for Doge significantly. The low transaction costs should lead to more and more companies adopting and integrating the meme cryptocurrency. 

According to Bitinfocharts, the average Dogecoin fees are $0.589. At the end of August, doge fees were $1.332, but transaction costs peaked at $2.52 in mid-2021.

On September 7, the Dogecoin price dipped below $0.30, hitting as low as $0.22, along with Bitcoin dropping below the $50,000 mark. The last time Doge was seen at this price was in early August. 

Photo : Screenshot from Twitter post of @wifedoge

Ethereum Is Less Of A Risk Than Other Altcoins During This Market Wide Dip: Santiment

The overall crypto market cap dropped by 2.47% to $2.02 trillion over the past seven days as Bitcoin (CRYPTO: BTC) failed to find support above $50,000.

What Happened: Even as several altcoins experienced steep corrections, on-chain analytics platform Santiment noted that Ethereum (CRYPTO: ETH) was one of the few assets that were minimally impacted by the market-wide dip.

📊 #Ethereum is one of the few minimally impacted assets during this market-wide dip over the past 8 hours. Still above $3,100, read about $ETH's token circulation, mean dollar invested age, & sentiment to indicate why the asset is holding up well. https://t.co/mfUQjlid2z pic.twitter.com/IxltCmfGTa

— Santiment (@santimentfeed) August 26, 2021

Santiment found that even though Ethereum has been relatively boring compared to the monstrous upswings many other assets have seen, the same reasons make it less of a risk to hold as of now.

“Ethereum's token circulation has just exceeded two-month high levels. The amount of unique tokens moving on the ETH network showing an increase here is a promising sign that if it does drop back below $3,000 again, it may not be for long if circulation sustains itself up at these increased levels,” stated a Santiment analyst.

He also noted that ETH’s mean dollar invested age has been on the rise. However, over the past three days, this line has begun to dip lower.

“This is an extremely promising sign, as it indicates that dormant dollars that were invested in quiet ETH addresses are beginning to move once again,” he said.

Read also: Third Person To Ever Own Bitcoin Says Hitting $100K Is 'Quite Possible' This Year

“Notice what Ethereum's price did from late February to early May on the left side of the chart. Long story short, when this line begins to dip down, good things happen. We will just need to see if the down-trend continues to avoid seeing a fake-out of just a few encouraging days here.”

Price Action: At press time, Ethereum was trading at a price of $3,133, down 3% over the past 24-hours. The coin had a trading volume of $17.6 billion and accounted for 18.2% of the market at the time of writing.