Tuesday, November 29, 2022
HomeCryptoDogecoin in uncertainty, it cannot follow the market rebound

Dogecoin in uncertainty, it cannot follow the market rebound

Elon Musk’s favorite cryptocurrency, Dogecoin price, has been trading under tremendous selling pressure for a while.

Dogecoin releases new update

In order to boost the usefulness of Dogecoin, his team announced a new update. She mentioned that Core 1.14.6 is now available and working live. This will bring a number of improvements to Dogecoin. It will also add a few new features to the user interface.

The release adds that this version will include important security updates and some network efficiency changes. The team has asked all primary users, such as miners, service and wallet users, to update. However, the upgrade will change the dust limit on the network from 1 DOGE to 0.01 DOGE.

Earlier, Elon Musk, at a quarterly investor conference, said Tesla sold around 75% of its bitcoin holdings in the second quarter. Along with this, he also mentioned that they haven’t sold their Dogecoin holdings and they still hold the same amount.

Did Tesla add DOGE to its holdings?

DOGE price did not react to these announcements. In fact, its price has dropped by around 7% in the last 24 hours. It seems that Musk’s influence on DOGE is fading over time. He has been very clear in showing his support for the meme currency.

Dogecoin is trading at an average price of $0.0688. Its 24-hour trading volume also fell 26% to $689 million. However, Dogecoin has seen some price recovery of 15% in the last 7 days.

Elon Musk has opened up about his involvement in Dogecoin in the past. However, he did not indicate that Tesla owned it. The electric vehicle giant has accepted DOGE as payment for some of its goods.

Meanwhile, it remains unclear whether Tesla has added Dogecoin to its wallet or holds a crypto used for merchandise purchases.

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