Elon Musk Debate: What’s Going on With Dogecoin?

Elon Musk Debate: What’s Going on With Dogecoin?

While the concepts of NFT and Metaverse became widespread, the craze reached its peak. Dogecoin, one of the pioneers in meme tokens, manages to make a name for itself in 2022.

DOGE, supported by Tesla and SpaceX CEO Elon Musk, has recently started to come to the fore with Jackson Palmer. The debate between billionaire Musk and DOGE founder Palmer has been closely followed around the world.

While the friction between the two fronts continues to be the subject of the news, an important update announcement came from the DOGE team. According to the information transferred, with the “Dogecoin 1.46.6” update, numerous features will meet with crypto money enthusiasts.

Elon Musk Debate: What's Going on With Dogecoin?

Before going into the details, let’s introduce DOGE to our readers who are new to the crypto money field.

What is Dogecoin (DOGE)?

Dogecoin is undoubtedly one of the first names that come to mind when it comes to Meme tokens. The foundations of Dogecoin were first laid in December 2013. Created by Billy Markus and Jackson Palmer, DOGE was produced purely for humor. The dog-themed cryptocurrency has gained serious popularity because investment tokens are more preferred today. DOGE gained notoriety by making it possible to trade without transaction fees like in traditional financial systems.

Aiming to be a fun payment tool, DOGE surpassed many cryptocurrencies with the transaction volume it reached in 2014. This rise continued for a long time, and the token saw a peak of $ 0.017 in 2018.

Advantages and Disadvantages of Dogecoin

As with all meme coins, Dogecoin focuses on a specific mascot. Taking its name from a famous internet character, DOGE was designed to be a more accessible cryptocurrency. Over 1,000,000 people visited Dogecoin.com in the first 30 days after the token was launched on December 6, 2013.

One of the founding names, Jackson Palmer, was working in the Marketing Department of Adobe Systems at the time. Palmer became the name that brought the concept of entertainment to crypto money technologies by realizing the idea of Dogecoin. Dogecoin, which is among the most popular token projects today, has gained a large audience with its numerous advantages. The main advantages of the token are:

¬ It has one of the most active and most prominent communities.

¬ It is inflationary, not deflationary. There are no limitations on DOGE in circulation.

¬ It is used to finance crypto money projects in addition to shopping.

¬ It is suitable for cryptocurrency mining.

Although DOGE has become the focus of individual and institutional investors globally, it has features that can be considered disadvantageous according to some tokens. Some of the disadvantages of the token are:

¬ There is no technological service area.

¬ Being a meme token, it naturally needs community attention.

¬ The time between updates is long.

How Do You Mine Dogecoin?

There are more than 19,000 tokens in the cryptocurrency market. Most of them can be mined. Dogecoin is also a cryptocurrency suitable for this mining. It was possible to do DOGE mining with a processor (CPU) in the past. However, due to the increase in the difficulty level in the network, CPUs have been replaced by GPUs.

Graphics cards have played an important role in raising awareness of mining operations globally because the decryption capability was much higher than CPUs. These technological products, which are still actively used today, are usually converted into sets called Rigs. For example, a group of 6 video cards is run for mining DOGE.

Dogecoin mining

As a result of the development of technology day by day, ASIC devices that are far superior to GPUs have come to the fore. ASICs, which are the primary choice of mining companies, perform much higher than graphics cards. DOGE, which has a lower difficulty level than Bitcoin, has an important place in the mining portfolios of crypto money miners.

DOGE’s Price Performance

One of the most popular meme tokens, DOGE, hit an all-time low of 0.000085 in May 2015. In 2018, a general upward trend began with the increasing awareness of cryptocurrencies worldwide. Dogecoin managed to reach $0.0020 at that time.

In 2021, the mega bull season kicked in, and meme tokens became the focus of attention. DOGE recorded an all-time high (ATH) of $0.73 in May 2021.

In 2022, the bear season hit thousands of coins, including Bitcoin. This situation negatively affected DOGE. The token is currently ranked 10th in the market cap and is currently trading at $0.08.

Should I Buy Dogecoin?

The value of Dogecoin, like all other meme tokens, is based on community interest and the support of the leading names in the market. Considering the active community, it can be said that DOGE is one step ahead of its peers.

In addition, it should not be overlooked that billionaire Elon Musk, who has more than 95 million Twitter followers, is one of the biggest supporters of Dogecoin. In addition, DOGE is expanding its usage area day by day.

Dogecoin is accepted at US online electronics store Newegg, movie theater chain AMC, electric car maker Tesla, GameStop, Dallas Mavericks, and many more.

Considering all this, Dogecoin is seen as a cryptocurrency worth investment for individuals and corporate companies.

Dogecoin – Elon Musk Relationship

The biggest plus of Dogecoin compared to other meme tokens is that Tesla CEO Elon Musk is behind it. Coming to the top of Forbes‘ billionaires list, Musk has long been known as a passionate DOGE supporter. The famous businessman made a mark on the digital money market by declaring Dogecoin his favorite cryptocurrency in 2020.

Musk, who is also the owner of the space exploration company SpaceX, has made numerous tweets on the social media platform Twitter since mid-2021, raising the value of Dogecoin. Having made a serious impact on DOGE, Musk has created a positive reflection in the cryptocurrency community, although some people accuse him of being a manipulator.

It is also known that Musk played an essential role in the investment of rap music artist Snoop Dogg and a few other businesspeople in Dogecoin.

In addition to all this, the biggest development took place in May, when Musk and Twitter reached an agreement. The Twitter team, which accepted the billionaire’s offer of $ 41 billion, excited the crypto money community. However, it is worth noting that there have been rumors that the deal is on the loose lately.

The Argument Between Elon Musk and Dogecoin Founder Jackson Palmer Heats Up

Successful businessman Elon Musk continues to take part in some discussions while trying to buy the social media platform Twitter. Lastly, Musk drew all the attention by harshly criticizing Jackson Palmer, one of the founders of Dogecoin.

The reason behind Musk’s targeting of the Dogecoin creator is shown as Palmer’s characterization of Musk as a fraudster.

Palmer said on Twitter that Elon Musk doesn’t understand coding well enough. He went even further, implying that the Tesla CEO did not know how to run the programming language Python.

The Dogecoin founder also said about Musk, “He sells visions in the hopes he can fulfill them one day. He is a good swindler.”

Elon Musk responded to Palmer’s criticism on Twitter, saying, “My kids were writing better code when I was 12 than the bullshit code Jackson sent me.”

Palmer, who left the Dogecoin project in 2015, stated that Twitter’s former CEO, Jack Dorsey, told him in 2018 that he was working on a similar code for the social media network. Palmer added that the code will not be effective enough today, as fraud strategies become more complex with each passing day.

Dogecoin 1.46.6 Will Be Released

While the debate between the famous billionaire Elon Musk and Dogecoin founder Palmer slowly cooled, an update announcement came from Dogecoin.

The highly anticipated Dogecoin update is expected to be released in June. DOGE core developer Patrick Lodder highlighted that a few important issues will be fixed with the 1.46.6 update.

These include enhanced wallet protection, improvements for Bitcoin vulnerabilities, fixes for DOGE vulnerabilities, and making the Dogecoin Core wallet more cost-effective.

Also, Patrick talked about the need for a few more updates for Dogecoin (DOGE). However, he stated that since the system can work without these updates, it can be added later.

What Awaits DOGE Fans?

As with all technologies, cryptocurrencies also make progress in line with updates. Fixing security vulnerabilities with Dogecoin’s 1.46.6 update is considered a big plus.

In addition, Tesla CEO Elon Musk‘s attempt to buy Twitter, one of the most effective social tools in the crypto space, is shown as one of the most significant developments.

The use of Dogecoin (DOGE) as a payment tool in physical areas such as cinemas, sports organizations, shopping centers, etc., is an important indicator of the increased adoption rate.

DOGE has maintained its resilience despite the downward trend currently prevailing in the market. The number of investors holding Dogecoin in their hands has also increased significantly. When the downtrend ends and the cryptocurrency market revives, all these developments will likely put a smile on the face of DOGE fans.

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