The developers of Dogecoin (DOGE) have made an update, which aims to respond to the recent influx of users. The enthusiasm around the canine altcoin doesn’t seem to be waning, but for how long?
Dogecoin (DOGE) is updating
According to a statement of developers , Dogecoin 1.14.3 Core “ is a minor update e which includes significant performance improvements“ . The most notable change is an improvement in sync speed , which makes the process of checking blocks easier. The second major update concerns the expiration time of transactions cached in the mempool. This goes from 336 hours to 24 hours.
This is the first Bitcoin Code update in years as the project has been more or less scrapped. Interest from new investors, however, prompted developers to return to work on the blockchain. According to Ross Nicoll , the main person in charge of maintaining the blockchain, it was a necessary step:
“ Because of this new interest, we were able to better understand the performance of the program we wrote, and it pushed us to improve what we can, both in the short term and in the long term. […] In 24 hours we have seen the number of nodes increase by more than 15 times , and it is in such moments that the least optimized elements appear. “
Dogecoin price holds for now
The price of the DOGE had exploded following the interest of WallStreetBets and Elon Musk, with two successive increases which had brought it towards 0.087 dollars. Since then, the price of DOGE has tended to fall again, but it is trading very well above the levels it experienced a few months ago. On March 1, 2020, a DOGE was worth $ 0.002. As of March 1, 2021, it is worth $ 0.048 :
Currently, the DOGE continues to sit 14th in the cryptocurrency ranking by capitalization, with a market cap exceeding $ 6 billion . Will this enougement last? If the developers take care of the network again, it will not be enough to create demand from investors. And the “ Elon effect” will not last forever. It will therefore take more than enthusiasm to sustain the price of Dogecoin.