February 8, 2023

DOGE Price is Surging as Elon Musk is Showing Support for Dogecoin

Some rumors are circulating in the cryptocurrency market that Tesla CEO Elon Musk is planning to collaborate with Ethereum co-founder Vitalik Buterin. The basis of the collation is to work on upgrading the Dogecoin network.

With the news about Twitter’s Dogecoin integration, the meme currency is gaining traction in the market.

Following the string of new rumors about the Musk and Buterin partnership, the price of Dogecoin gets an instant boost. As per the latest statistics issued by Finbold, Dogecoin price has increased by 8.46% in the last 24 hours. At press time, DOGE is trading for $0.09761 per unit, and it has also amassed a gain of 2.4% during the last seven days.

The root of the news that helped Dogecoin appreciate and add around $ 1 billion to its market cap was a tweet. David Gokhshtein is a cryptocurrency influencer and podcast host.

In a new tweet, he informs his 700K followers about a possible collaboration between Musk and Buterin to upgrade Dogecoin.

Media reports indicate that Buterin had suggested in September that Doge should switch to the PoS consensus model. He also claims that the Ethereum network will pave the way for the transition. It is important to mention that the PoS upgrade also includes in the roadmap of Dogecoin.

Vitalik Buterin Wants to Improve Dogecoin Network

The first proposal to transition the DOGE network to the PoS model was sent last Christmas by Buterin. The proposal consists of a proposal to carry out a Community Staking version of PoS that can increase the participation of Dogecoin holders in network administration.

The vitals of Dogecoin pulsating prices was shared by Altcoin Sherpa on Twitter. He claims that the latest price appreciation for DOGE is on account of Musk and Buterin’s collusion. He also cautions the investors about not expecting the pump to continue.

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