Cryptocurrency prices — including ethereum and dogecoin — experienced an all-out crash last year that may have only just begun.
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The combined crypto market has wiped out more than $2 trillion in value since late 2021, despite one Wall Street giant making two big crypto bets.
Now, after Tesla billionaire Elon Musk’s Twitter takeover, wild speculation that Musk may work with ethereum co-founder Vitalik Buterin to “upgrade” dogecoin has given their prices a surprise boost.
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“I feel that we will all see Vitalik and Elon working together to upgrade dogecoin in one way or another,” crypto bull and entrepreneur David Gokhshtein placed to Twitter, predicting Musk “is interested in turning something that started as a joke into something serious.”
Gokhshtein also predicted that Musk and Buterin “will not work on bitcoin,” despite Musk issuing a bullish bitcoin statement earlier this month.
The dogecoin price has added about 10% in the past week, while ethereum has also climbed. However, both ethereum and dogecoin are well below their all-time highs reached last year.
Earlier this year, messages sent by Musk revealed that he was considering integrating dogecoin into Twitter following his takeover of the social media platform – something that was applauded by dogecoin fans.
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Musk has also previously suggested that dogecoin “increase its block time 10X, increase block size 10X and lower fee 100X,” which he claims is “necessary” [for dogecoin] to become the currency of the Earth”—and would mean it beats bitcoin “hands down.”
Last year, as cryptocurrency prices rose along with stock markets, Buterin said that dogecoin “could bridge to ethereum,” saying it could “be surprising.”