Dogecoin investors get relief from Elon; Ethereum up
Dogecoin’s price has often been unpredictable, with Elon Musk’s tweets often having a significant impact on the crypto industry. Musk’s apparent distance from the meme-inspired token had a big effect and caused DOGE’s price to plummet. This week, the Dogecoin community received a major boost when Musk tweeted about the token. This caused its value to jump over 30%.
Musk has a history of promoting Dogecoin, tweeting about it frequently. Moreover, he has a major impact on its value and trading. The meme token has grown into one of the most valuable cryptocurrencies, with a market cap of over $13 billion.
Musk recently shared a meme about changing the Twitter logo of a Shiba Inu, which only changed for some Twitter users, and the change was also on his website. Although Musk said in a recent interview that he would no longer talk about Dogecoin, his tweets suggest that he may still have some interest.
Ethereum is preparing for a major change
Ethereum, the second-largest cryptocurrency by market capitalization, is preparing for a major change that could increase its speed and validity. This change, the Shanghai Update, should roll out in the coming days.
The Shanghai Update, a planned hard drive of the Ethereum protocol, aims to increase liquidity for players who want to withdraw their finances efficiently. Moreover, the update will consider various advancements to the Ethereum network, including gas fee structure updates and a new mining algorithm. The upgrade is expected to reduce the cost of transactions on the Ethereum network, making it more accessible and energy efficient.
The crypto world is always full of surprises; this week was no different. Dogecoin investors got some headway with Elon Musk announcing that Ethereum is gearing up for a major change. Furthermore, RenQ Finance raised an incredible amount of money in its ongoing presale.
These developments reflect the continued advancement of the cryptocurrency market, and investors should keep a close eye on these projects as they appear to continue to evolve and advance.
