By Shelly Melancon (Switzerland)
Co-founders of Ethereum and Cardano Call for Dogecoin Upgrade After Price Boom
Dogecoin, popular meme-based token which was created in 2013 has defied all odds to survive the rough terrain of the cryptocurrency space. It even made it to the list of top 10 cryptocurrencies, based on market capitalization. Dogecoin was created as a meme to ridicule cryptocurrencies as at the time it surfaced. However, it defied odds and proved itself. In light of the massive price ride from being a dollar fraction to being at 30 cents, Cardano’s CEO Charles Hoskinson supported calls for an upgrade on Doge.
Elon Musk has been behind the massive uptick of Dogecoin since this year began. However, just as he has been manipulative with Bitcoin he has been a little manipulative with it. Last month, as a result of the massive influence he exerts on the meme-based token, most holders of the token expected him to enlist his support for it at the Saturday Night Live, a popular comedy show. Instead, the billionaire CEO of Tesla and SpaceX had said that the joke token was just a hustle for him. That statement alone had seen the price of Doge experience a downward swing. Most investors lost lots of money on the token at the time.
Origin of Dogecoin
Dogecoin was created by Billy Markus and Jackson Palmer who wanted to create a peer-to-peer cryptocurrency larger than Bitcoin. The token was built in line with Litecoin’s protocol. Dogecoin has no total supply and currently has a circulating supply of over 130 billion. One drawback of the token is that the majority of the circulating supply is held by a few wallets.
Also read:Elon Musk has lately made calls to crypto developers to submit ideas for upgrades on the token. He also hinted at making Dogecoin a means of payment for Tesla’s electric vehicles. He had before then discontinued the use of Bitcoin as a payment means, citing high energy consumption as the reason for Tesla’s decision. This month, he made a u-turn on the previous decision, further saying that Tesla would resume payments in Bitcoin if 50% clean energy source is used to mine it.
Ethereum And Cardano Willing to Integrate Dogecoin
Charles Hoskinson, Cardano’s founder, urged the billionaire to collaborate with developers in finding some use and utility and give it a value floor. He further said he sees prospects in the token and also outlined the challenges that may arise in creating a use case for the token. Hoskinson opined that he wouldn’t object to the idea of Dogecoin and Cardano collaborating.
Elon Musk also indicated interest in working with Ethereum founder, Vitalik Buterin to incorporate the joke token with the second most popular crypto asset. Buterin had said such collaboration would be wonderful. It remains to be seen if Elon Musk would go through with his plans or whether he is just in it for the hustle like he said at SNL. He had come under heavy criticism earlier this month for exerting too much influence on the crypto market.
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