Dogecoin (CRYPTO: DOGE) traded 9% lower over a week at press time, but over 24 hours the cryptocurrency gained over 3%.
What Happened: The meme coin traded 3.17% in the green at $0.22 over 24 hours at press time. For the week, DOGE is down 9.59%.
Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE traded 0.54% and 0.12% higher respectively over 24 hours.
See Also: How To Buy Dogecoin (DOGE)
On Friday and Saturday, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk sent out tweets on network upgrades related to the Shiba Inu-themed coin.
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
— Elon Musk (@elonmusk) July 9, 2021
“Block size & frequency should steadily increase to match broadly available bandwidth,” tweeted Musk, narrating his vision for the currency’s future.
Why It Matters: DOGE has risen 4,481.10% so far this year. Some of these gains can be attributed to the tweets of Musk and a push for the development of the coin’s underlying network.
The weekend tweets however did not have any significant impact on DOGE’s price. This is not unusual as not all of Musk’s tweets result in gravity-defying appreciation from the cryptocurrency.
This weekend, Musk said on Twitter that DOGE won’t need to match speeds of transactions on Visa Inc’s (NYSE:V) network. He was responding to a user on Twitter who asked him about the “sweet spot” of transactions and whether they should reach the speed of Visa to be useful.
“The perfect should not be the enemy of the good – it is still good to increase base layer transaction speed & lower base layer transaction cost,” said Musk.
Billy Markus, co-creator of DOGE, told Benzinga that he has “strong opinions” on low transaction fees. He said DOGE is returning to “its roots by reducing the transaction fee.”