Dogecoin is up 14% in the last 24 hours on the back of speculation that Elon Musk and Vitalik Buterin might be working together to upgrade DOGE.
In the last seven days, Dogecoin has gained 23.9% to trade at $0.1052 as of press time. Compared to other top ten cryptocurrencies, DOGE has recovered from the impact of the FTX crash, up 36.3% over the last 30 days.
DOGE’s green run was birth from speculations of what Elon Musk will do with the meme coin following his Twitter acquisition.
Recently, Elon Musk revealed his plans for Twitter 2.0 included the payment feature. Many within the crypto community have speculated that cryptocurrencies including Dogecoin would profit massively from this development.
Elon Musk and Vitalik Buterin Collaborating on Dogecoin Improvement?
Crypto entrepreneur David Gokhshtein suggested a few days ago that Musk and Buterin will work to upgrade DOGE.
According to Gokhshtein, Musk is interested in turning a cryptocurrency that started as a joke into something serious. He noted that Buterin’s effort to develop BTC was rejected by the community.
Meanwhile, Musk has suggested several improvements to Dogecoin in the past. The richest man in the world spoke about increasing its block time, and size and reducing its transaction fees.
Musk claimed that these improvements would make “DOGE the currency of the Earth.”
However, this is just mere speculation without any evidence to support it, and many in the crypto community were quick to point that out.
Will DOGE Migrate to PoS?
Reports have revealed that Vitalik Buterin was working with the Dogecoin Foundation to transition DOGE from a proof-of-work consensus mechanism to a Proof-of-Stake (PoS) network. Buterin confirmed this earlier in the year.
Meanwhile, layer2 scaling solutions Dogechain has already transitioned to PoS on November 14, three months after the L2 solution added smart contract functionality. Dogecoin Foundation has reportedly warned that Dogechain was “another knockoff token.”
With the potential utility and development for Doge and the possibility of Twitter integration, many people are bullish on the token.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.