Dogecoin Fundamentals Look Up as Elon Musk Touts Update

The Dogecoin community has had a lot to celebrate lately. Doge is hovering near the USD 0.30 level at the start of September after rising 35% last month. Now that the Dogecoin team has released its latest update, fundamentals could be driving the price more than usual for this meme coin.

The “Dogecoin Developers” Twitter account announced the 1.14.4 release for all users, especially miners. According to Billy Markus, co-founder of Dogecoin, it’s most useful for miners to download the update because they are the ones who “put transactions into the blocks they mine.”

Update Details

It is a minor update but introduces several improvements to the cryptocurrency. According to Dogecoin’s Twitter account, these enhancements include:

• Facilitating lower fees, which will make it more attractive to users.
• Bolstering synchronization time up to 2.5x, enabling speedier transactions.
• “RPC ‘getpeerinfo’ improvements”
• “GUI options to add peers and import private keys, and peer traffic visibility”
• Better security

Tesla CEO Elon Musk, who is working with Dogecoin developers to bolster “transaction efficiency,” applauded the progress.

Mainstream Adoption

Never one to be outdone by bitcoin, the Dogecoin community wants to hop on the Twitter bandwagon for payments. Twitter is reportedly in the process of adding bitcoin payments to its Tip Jar feature, which has the potential to catapult the biggest cryptocurrency further into the mainstream. Dogecoin investors are looking to get on Twitter CEO Jack Dorsey’s radar and have their favorite meme coin included too.

Retweet if you think Twitter should add #Dogecoin to it's tip jar options!

— Steven Steele (@MrStevenSteele) September 2, 2021

No word if Dorsey, a known bitcoin bull, will budge. There is no question, however, that cryptocurrencies have been moving closer to wide-scale adoption.

Most recently, famous actress Reese Witherspoon announced on Twitter that she “just bought her first ETH.” Her tweet drew tens of thousands of likes and thousands of comments, largely from inside the cryptocurrency community, welcoming her to the party and wanting to know if she owns any bitcoin.

Just bought my first ETH! Let’s do this #cryptotwitter

— Reese Witherspoon (@ReeseW) September 2, 2021

Witherspoon bought Ethereum as the second-biggest cryptocurrency has been on a bull run, thanks largely to the popularity of non-fungible tokens (NFTs) and the rise of DeFi. Incidentally, an NFT of the Dogecoin mascot Doge, which is a Shiba Inu breed of dog, sold as an NFT for $4 million.