Elon Effect? Doge Moves Amidst Rumors Working With Tesla CEO Vitalik Buterin To Upgrade Meme Coin – Bitcoin (BTC/USD), Dogecoin (DOGE/USD)

dog coin doge/usd Has been on a tear since Wednesday, and the rally intensified over the weekend.

What happened: Doge broke the psychological resistance of $0.10 on Sunday and was last seen trading at $0.1045, up 15.68% Benzinga Pro Data. Meme Crypto’s rally has been accompanied by massive volumes, with 1.75 billion coins exchanged. The dog-themed currency’s rally comes even as most major cryptocurrencies saw muted trading.

David Gochstein, who runs a crypto media firm Gokshtein Media, tweeted on Friday that he expected the Tesla CEO Elon Musk And Ethereum ETH/USD co founder Vitalik Buterin To work together to upgrade the Doge. Meanwhile, two entrepreneurs are unlikely to be working on bitcoin BTC/USD Because Buterin had made an attempt in the past but could not succeed, he added.

The report states that the rumor that Musk’s involvement may have been the reason for the spike in Doge.

See also: Litecoin and 4 Other Cryptos That Surged 20% or More This Week, Even as Bitcoin Flatlines

Twitter’s acquisition of Musk has proved positive for Doge as crypto investors have begun to discount the prospect of the billionaire using meme coin as a payment option on the social media platform.

Why this is important: The Dogecoin developers released their core 1.14.16 upgrade in late July. The minor version release introduced essential security updates and network performance changes. Musk commented at the time that the upgrade was important.

Meanwhile, in mid-September Ethereum went through The Merge, which completed the crypto’s transition to a proof-of-stake consensus. This significantly reduces the energy consumption of crypto.

Doge, meanwhile, is a peer-to-peer, open-source crypto that launched in December 2013, and has the Shiba Inu breed of dog as its mascot.

Read further: best cryptocurrencies

Photo: Courtesy techcrunch And dip on flickr.

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