The Dogecoin and Elon Musk duo doesn’t seem to work as well as it used to. After the latest tweet yesterday from the CEO of Tesla and SpaceX (left for interpretation), the price of DOGE fell 5%, reversing its bullish trend of the week.
Dogecoin and Elon Musk: maybe the “love-story” is over
After a “love story” of almost a year in which the famous Musk tweeted and the price of DOGE went up, now the immediate effects seem to be the opposite.
All subject to interpretation, but surely in reference to the crypto world, yesterday Musk posted as follows:
— Elon Musk (@elonmusk) October 17, 2021
The consequence has been a price drop of DOGE of a good 5% in the last 24 hours. Nothing of concern for the volatile crypto world, except that over the past week DOGE was in the midst of its bull market, following the general trend led by Bitcoin.
In fact, yesterday DOGE’s price was on the rise touching $0.27. Immediately after Musk’s tweet, however, it fell to $0.24 (at the time of writing).
At the same time, the community points out that the ‘Dogecoin Killer’, Shiba Inu (SHIB) has gone up in price from $0.000025 to $0.000028.
Shiba is up 10% since this tweet pic.twitter.com/ZxsBqrpxEz
— Fintwit (@fintwit_news) October 17, 2021
“Shiba is up 10% since this tweet”.
Dogecoin and the node update 1.14.4
Another element of discussion surrounding Dogecoin, concerns the 1.14.4 node update, which needs to be carried out by all existing network node operators.
This has been highlighted in a series of tweets by Billy Markus, the creator of DOGE, who was also supported by Musk.
— Elon Musk (@elonmusk) October 14, 2021
“I wanted to write something slightly more nuanced about Dogecoin Nodes, so bear with me. Nodes are important. They keep the network moving, validate transactions, and keep the blockchain up to date. It’s good to update to 1.14.4 which will allow for lower transaction fees”.
Basically, back in September, Musk seemed to point out that DOGE’s fees were still too high, and that it was “Super important for Doge fees to drop to make things like buying movie tix viable”.
Something that nonetheless occurred earlier this month, when AMC announced that it will be possible to pay in Dogecoin through BitPay to enter its cinemas.
AMC Entertainment Holdings CEO Adam Aron‘s decision to integrate DOGE into its cinemas came after the strong community of the meme crypto reportedly participated in his survey, with numbers exceeding Aron’s expectations.
DOGE, SHIB and the current situation
Meanwhile, the rivalry between the two crypto memes continues to show in the market. While DOGE remains in the tenth position with a total market cap of $32 billion and a dominance of 1.28%, SHIB is soaring.
At the time of writing, SHIB is in 19th place, with a total market cap of $1.3 billion and a dominance of 0.44% over the entire crypto market. The ‘Dogecoin Killer’ has moved ahead of major crypto assets such as Algorand (ALGO), Polygon (MATIC) and Stellar (XLM).