Since the start of the year, Dogecoin, the largest memecoin by market capitalization, has had a pretty bad run. Naturally, that is because of the prolonged bear run. However, David Gokhshtein has brought back attention to Dogecoin and it is now surging.
David, the founder of Gokhshtein Media, believes that the cryptocurrency community may see a partnership between the CEO of Twitter, Elon Musk, and Ethereum co-founder, Vitalik Buterin of Ethereum to upgrade Dogecoin (DOGE).
“They won’t work on Bitcoin — well, because Vitalik tried that in the past and was kicked, and Elon is interested in turning something that started as a joke into something serious,” he added.
The rise of Dogecoin may be largely attributed to Musk’s long-standing interest in cryptocurrency, which he frequently acknowledges in tweets and has accepted as a form of payment for some of the goods and services provided by Musk’s companies.
One of the prominent board members of the Dogecoin Foundation, who supported the currency’s growth, is Buterin. When the eagerly anticipated Merge update was successfully implemented on Ethereum, Buterin suggested that Dogecoin should be the next cryptocurrency to switch from Proof of Work.
In addition, Buterin gave Dogecoin Community a contribution of 20 million DOGE in November following a gift of 500 ETH in May. An organization called DogecoinFdn exists with the purpose of promoting DOGE through development and advocacy.
Dogecoin still aims for the moon
Dogecoin continues to grow despite the 2022 crypto winter and currently ranks among the top ten cryptocurrencies by market cap. A crucial development in the Dogecoin ecosystem was updated by Mishboar, a Twitter account dedicated to memecoin.
The core updates 1.14.7 and 1.21 are the two main releases that the Dogecoin development team is currently working on. These two improvements will lay “a foundation for Dogecoin’s future,” according to Patrick Lodder, a core developer for the cryptocurrency.
At the time of writing, Dogecoin is up by more than 10 percent and is trading at $0.089.