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Elon Musk Working to Improve Dogecoin's Efficiency as Coinbase Confirms DOGE Listing

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Fri, 05/14/2021 - 03:42
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Alex Dovbnya
Elon Musk added $12 billion to Dogecoin's market cap with the new announcement after Coinbase confirmed that it would list DOGE
Elon Musk Working to Improve Dogecoin's Efficiency as Coinbase Confirms DOGE Listing
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Tesla CEO Elon Musk might have crossed swords with the Bitcoin community, but he’s not abandoning his favorite meme coin.

In a recent tweet, the second richest person on the planet announced that he was working with Dogecoin developers to improve the cryptocurrency’s transaction efficiency.

This comes after Tesla stopped accepting Bitcoin due to its growing CO2 footprint.
 
Dogecoin added $11.8 billion to its market cap following Musk’s tweet, with its price peaking at $0.52     

Dogecoin
Image by tradingview.com

Are there any Dogecoin devs?   

Many were quick to point out that there were barely any Dogecoin developers, thus urging Musk to name them.

Blockstream CEO Adam Back says that the cryptocurrency has “long known vulnerabilities.”           

Doge is years unmaintained, a literal joke copy of outdated version of bitcoin with long-known vulnerabilities.   

Related
Dogecoin Fortune Makes Goldman's Managing Director Quit His Job

The Coinbase boost

Apart from Musk’s casual tweets, Coinbase’s upcoming listing is yet another catalyst for the turbulent meme coin. 

During a May 13 earnings call, CEO Brian Armstrong confirmed that Dogecoin would land on the largest U.S. crypto exchange in about two months:

We plan to list DOGE in the next six to eight weeks.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.