Elon Musk is found directing Dogecoin developers

Celebrity words has again shown impacts on prices
  • Elon Musk is suggesting DOGE devs to make the currency superior to other major ones
  • BTC community influencers belives that SpaceX CEO has forget that the currency is mined together with Litecoin
  • The latest suggestions and tweets of Musk has helped the coin to surge more

Elon Musk, Tesla CEO who is also a bigger dogecoin enthusiast has been found directing the meme-based currencies developers. On Saturday, the Dogecoin father tweeted providing  a developer’s specific directions on making DOGE superior to major digital currencies. Following the tweet of the dogecoin enthusiast, the price of the cryptocurrency surged. Hence, the price movements in the crypto world has again proved that yet the prices in the market can be affected by celebrity words.

Elon Musk suggesting Doge devs for minimizing transaction cost

On a Saturday’s Twitter post, Elon Musk suggested to the DOGE developers that after the major upgrade Dogecoin could be superior. Notably, the upgrade could help DOGE to offer much faster and cheaper transactions than today’s major digital currency.

environmental concerns musk responded dogecoin gains
Source: Twitter
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Musk said that Bitcoin and Ethereum are pursuing a multilayer transaction system, still the baselayer transaction will stay slow and expensive. Following the factor he believes that the next upgrade of Dogecoin will give it a merit maximizing base layer transaction rate and minimizing transaction cost. Notably, the exchanges will act as the de facto secondary layer.

Can Doge become superior to other networks?

Following the suggestions of Elon Musk cryptocurrency enthusiast, an IT engineer wrote that DOGE is already 15 folds faster than Bitcoin. The IT engineer noted that making the block speed more than ten times faster could be challenging.

all time high tesla record high world's response analysis merit imo crypto youtuber matt wallace bitcoin bitcoinbitcoin bitcoin bitcoin bitcoin bitcoin
Source: Twitter

According to Musk, the size of each DOGE block and frequency of transactions should increase steadily. Ultimately, the steady move will help match broadly available bandwidth.

Dogefather missed one nuance

Following the suggestions and promises about faster and cheaper transactions, Gabor Gurbacs and Samson Mow, BTC community influencers responded. According to the BTC influencers, Elon Musk has forgotten one nuance, that DOGE is merged mine with Litecoin.

bitcoin transactions base layer transaction rate bitcoin mining exchanges acting
Source: TheCoinRepublic

Notably, the transaction speed of Litecoin is slower than of Dogecoin. Still, both the digital currencies are mined together to prevent 51% attack on the network. Hence, to boost the transaction speed of the meme-based currency the devs will have to hard fork the currency.

Major exchanges as the de facto secondary layer

Musk believes Dogecoin can sidestep the issues of major currencies transactions. According to Tesla CEO, DOGE can employ exchanges like Coinbase and Binance as a de facto secondary layer to execute its transactions. However, the crypto coin’s devs are working on the modifications as described by Wallace.

Dogefather’s suggestions affected the price

Dogecoin has proved that still celebrity tweets and words can impact its price. However, it is affirmative that DOGE won’t be what it is without some social media action. After the tweets began to post, the price of the currency began to surge.

Still, analysts deemed that the price of the meme-based crypto coin seems frustrated and confused. The inconclusive price action since the rally high has been matched by a complete evacuation of trading volume. The movements are indicating a lack of interest in the currency’s price at the current levels, and reinforced by an altcoin space struggling to overcome bearish price structures.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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