Even though the price of Dogecoin continues to fall, Tesla CEO Elon Musk has revealed what will help the cryptocurrency. Elon Musk remarked on Wednesday that for Dogecoin to become more commonly utilised in retail sales, its costs would have to decrease.
“It’s critical for Doge costs to drop to enable things like buying movie tix viable,” Tesla CEO Elon Musk said in a tweet, referring to AMC Entertainment Holdings Inc.’s plans to embrace the cryptocurrency named after the popular Shiba Inu dog meme.
Musk previously stated that he was working with Dogecoin developers to “improve system transaction efficiency” in May.
Billy Markus, a co-founder of Dogecoin who is no longer working on the project, agreed with Musk’s tweet and called for a software upgrade to be released.
Billy Markus is currently asking node operators to upgrade to Dogecoin Core 1.14.4 in order for reduced fees to become the default setting.
The update, which was issued in late August, contains significant performance enhancements as well as bug fixes. The release of Dogecoin Core 1.14.4, according to Musk, is “critical.”
Doge price prediction
DOGECOIN price has remained unchanged, despite the fact that the last few hours have been quite optimistic, with the price moving from $0.20 to $0.23. Today, the price rose to $0.22 and is currently trading in the same range and has increased by 5.5% in the last 24 hours.
Before traders may explore additional levels for the trade, they must first overcome resistance at $0.26, $0.28, and $0.30.
After a possible fall to the downside, a down surge below the lower boundary of the channel might bring the market to $0.16, $0.14, and $0.12 supports.
One of the most important on-chain metrics that represents blockchain usage is the daily transaction rate. The number of daily transactions on CryptoCompare’s network has decreased to barely 18,000, according to cryptocurrency market statistics company CryptoCompare. It has dropped to its lowest level since 2017, after peaking at over 140,000 in April.