11/27/2022 | Forbes
‘Amazing’ Elon Musk Crypto ‘Upgrade’ Speculation Suddenly Sends The Price Of Dogecoin And Ethereum Soaring
Cryptocurrency prices—including ethereum and dogecoin—have suffered an almighty crash this last year that could be just getting started.
The combined crypto market has seen more than $2 trillion of value erased since late 2021 despite one Wall Street giant making two big crypto bets.
Now, following Tesla billionaire Elon Musk's Twitter takeover, wild speculation that Musk could work with ethereum cofounder Vitalik Buterin to "upgrade" dogecoin has given their prices a surprise boost.
"I feel that we’ll all see Vitalik and Elon working together to somehow upgrade dogecoin," crypto bull and entrepreneur David Gokhshtein posted to Twitter, predicting Musk "is interested in turning something that started off as a joke into something serious."
Gokhshtein also predicted Musk and Buterin "won’t work on bitcoin" despite Musk issuing a bullish bitcoin statement earlier this month.
DogecoinDOGE -3.1%, based on the doge meme, was created as a joke cryptocurrency before growing to a top 10 cryptocurrency by value over the last two years—helped by support from Musk.
The dogecoin price has added around 10% over the last week while ethereum has also climbed. However, both ethereum and dogecoin are far below their all-time highs reached last year.
Earlier this year, messages sent by Musk revealed he considered integrating dogecoin into Twitter following his takeover of the social media platform—something that was cheered by dogecoin fans.
Musk has also previously proposed dogecoin increase its block time "10X, increases block size 10X and drops fee 100X," which he claimed is "needed [for dogecoin] to become the currency of Earth"—and will mean it beats bitcoin "hands down."
Last year, as cryptocurrency prices were soaring along with stock markets, Buterin said dogecoin could "bridge to ethereum," saying it could "be amazing."