The Tesla billionaire, Elon Musk, is a well-known crypto advocate, especially of Dogecoin, the meme-based cryptocurrency. Although he kept his distance from crypto during the last months, now he is back to support it.
Crypto Prices on the Rise Thanks to Elon Musk
The meme coin skyrocketed this year, gaining about 10,000% since October last year, and getting a place among the 10 biggest cryptos. It needs to be mentioned that Musk’s Twitter persona played a great role in it.
On the other hand, Bitcoin also gained about 400% over the last year, another crypto owing its price going up to Musk. Much of this rise was fueled by the announcement that Tesla had purchased $1.5 billion worth of Bitcoin at the start of the year.
Elon Musk Twitter Support
The Tesla billionaire is again using Twitter to remain involved with the crypto sector. He responded to a thread started by Billy Markus, regarding dogecoin miners keeping their software updated. Musk expressed his agreement with a thumbs-up emoji.
Markus, one of the co-creators of Dogecoin, got to Twitter to elaborate on the Dogecoin upgrade and emphasize the need for mining pools to update.
They could run a node or not, started Markus, however, he advised miners to be fully invested in running a secure and full node and to make sure that they keep it up to date. He is not urging everyone to run a node, yet if they truly want to help the system then they need to do it the right way. It is essential for the success of 1.14.4 for node operates to update, concluded Markus.
I wanted to write something slightly more nuanced about Dogecoin Nodes, so bear with me.
Nodes are important. They keep the network moving, validate transactions, and keep the blockchain up to date. It’s good to update to 1.14.4 which will allow for lower transaction fees.
— Shibetoshi Nakamoto (@BillyM2k) October 13, 2021
This latest dogecoin update was launched in August and includes performance improvements as well as prepare the network for lower recommended fees.
Musk was among one of the main encouragers pushing people to update their software so there are lower dogecoin transaction fees. This can be seen as part of the plan to beat Bitcoin.
Doge fees should be dropped so things like getting movie tickets becomes possible, said Musk on Twitter.
Super important for Doge fees to drop to make things like buying movie tix viable
— Elon Musk (@elonmusk) September 22, 2021
The billionaire also announced his collaboration with dogecoin developers with the purpose of making the system transaction more efficient.
Frequent Price Swings Because of Musk
Musk’s comments related to the meme coin almost always help with its price, however, this time it wasn’t that successful. While it did cause a price change, however, it was not a big one worth mentioning.
The peak of the dogecoin price was in May prior to Musk appearing in Saturday Night Live, unfortunately, it has lost about 70% of its value since that time.
Bitcoin and Dogecoin are not the only ones to witness price swings because of Musk. Just recently, SHIBA INU benefited from him and has now far higher gains compared to the beginning of the month. It all happened with Musk uploading a picture of his Shiba Inu dog which made the price of the coin with the same name go up.
In the meantime, Bitcoin prices kept rising, surpassing $58,000 for the first time since the May crackdown in China.