Dogecoin Fails To Surge Despite These Major Announcements

Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE) price has been trading under huge selling pressure for a while. Meanwhile, the token printed some green indexes as the global market saw some recovery.

Dogecoin issues new update

In order to boost the Dogecoin utility, its team announced a new update. It mentioned that Core 1.14.6 is out now and running live. This will bring a good number of improvements to Dogecoin. While it will also add some new features to the UI.

The release added that this release will be including important security updates and some changes to network efficiency. The team asked all core users like miners, service, and wallet users to upgrade it. However, the upgrade will change the dust limit on the network from 1 DOGE to 0.01 DOGE.

Earlier, Elon Musk in a quarterly investor call said that Tesla sold around 75% of its Bitcoin holdings in the second quarter. Meanwhile, he also mentioned that they haven’t sold any of their Dogecoin holdings and they are still holding the same amount.

Has Tesla added DOGE to its holdings?

DOGE price didn’t react to any of these announcements. In fact, its price dropped by around 7% in the last 24 hours. Seems like Musk’s influence over the DOGE is vanishing with time. He has been very vocal displaying his support for the meme token.

Dogecoin is trading at an average price of $0.0688, at the press time. Its 24 hour trading volume also dropped by 26% to stand at $689 million. However, DOGE registered some price recovery of 15% over the past 7 days.

Musk has opened up about its Dogecoin holding in the past. However, he has not indicated that Tesla holds it. The EV giant has been accepting the DOGE token as the payment for some of its merchandise.

Meanwhile, it is still unclear whether Tesla added Dogecoin to its portfolio or it is holding some tokens used for merch purchases.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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