Dogecoin Investors Get Elon Relief as Ethereum Rises
The Dogecoin price has often been unpredictable, and Elon Musk’s tweets often have a significant impact on the cryptocurrency industry. Musk’s apparent distance from the meme-inspired token had a big effect and caused DOGE’s price to plummet. This week, the Dogecoin community received a huge boost when Musk tweeted about the token, causing its value to rise more than 30%.
Musk has a history of promoting Dogecoin, tweeting about it frequently and having a major impact on its value and trade. The meme token has become one of the most valuable cryptocurrencies, with a market capitalization of over $13 billion.
Musk recently shared a meme about changing the Twitter logo of a Shiba Inu, which only changed for some Twitter users, and the change was also made on his website. Although Musk said in a recent interview that he would no longer talk about Dogecoin, his tweets suggest that he may still have some interest.
Ethereum is preparing for a major change
Ethereum, the second largest cryptocurrency by market capitalization, is preparing for a major change that could increase its speed and validity. This change, the Shanghai Update, should roll out in the next few days.
Shanghai Update, a planned hard drive of the Ethereum protocol, aims to increase liquidity for players who want to withdraw their finances efficiently. In addition, the update will consider various advancements on the Ethereum network, including updates to the gas fee structure and a new mining algorithm. The upgrade is expected to reduce the cost of transactions on the Ethereum network, making it more accessible and energy efficient.
The world of cryptocurrencies is always full of surprises; This week was no different. Dogecoin investors made some headway with Elon Musk announcing that Ethereum is preparing for a major change. Also, RenQ Finance raised an incredible amount of money in their ongoing pre-sale.
These developments reflect the continued advancement of the cryptocurrency market, and investors should keep an eye on these projects as they appear to continue to evolve and advance.
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