Reports have emerged indicating that Ethereum (ETH) co-founder Vitalik Buterin and Tesla (NASDAQ: TSLA) CEO Elon Musk will team up and start working on the Dogecoin (DOGE) upgrade.
As a result, the price of Dogecoin is heading higher. Dogecoin is currently trading at $0.08761, up 8.46% in the last 24 hours and around 2.4% in the past seven days.
Interestingly, the price of DOGE added more than $1 billion to the market cap in just over an hour, going from $10.9 billion to $12.07 billion before retreating slightly.
The sharp rise in the price of DOGE came after crypto podcaster and influencer David Gokstein told his 700,000 followers that he believes Ethereum co-founder Vitalik Buterin and Twitter CEO Elon Musk will soon start working together to improve Dogecoin in a November 25 tweet. .
Buterin and DOGE move on to Proof of Stake
Notably, Coinphony reported in September 2021 that Buterin said DOGE should consider switching to proof of stake (PoS), saying that Ethereum code could easily be used for this transition.
The move to Proof-of-Stake is also marked on the Dogecoin Trailmap. Not only does Vitalik have the legal right to put forward such ideas as an observer and founder of Ethereum, but he also does so as a member of the Dogecoin Foundation, which he joined in 2021.
Earlier in February of this year, Buterin confirmed that he is helping with the Dogecoin Proof-of-Stake transition. The Ethereum founders referred to a proposal published on Christmas Eve last year that outlined a strategy for implementing DOGE’s proposal for a “community staking” version of PoS that would allow more individuals to participate in managing the Dogecoin network.
“They recently launched something, the Dogecoin Foundation in collaboration with Vitalik Buterin for a community effort, and it went live last year around Christmas.”
Will Dogecoin keep pumping?
As DOGE prices soar, cryptocurrency trading expert Altcoin Sherpa chirp That the meme coin is unlikely to continue climbing:
“DOGE: Likely moved by some Elon news. Don’t really think this is going to be a sustainable pump given market conditions; likely shorting around $0.09.”
Dogecoin’s ability to keep the pump is highly questionable given current market conditions and the fact that it’s already starting to recover, but that won’t stop DOGE investors from watching their announcements in the meantime.
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Post-Dogecoin Gains 8% on Elon Musk’s Claim to Upgrade DOGE With Vitalik Buterin Appearing First on Coinphony.