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Dogefather, Elon Musk Agrees With Vitalik Buterin on Dogecoin and Ethereum Collaboration

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Ethereum co-founder Vitalik Buterin talked about a potential collaboration between Ethereum and Dogecoin in an interview with AI researcher Lex Fridman last week.

Referring to the Tesla and SpaceX CEO repeatedly tweeting about dogecoin, Fridman said, “There’s a power behind someone like Elon Musk pushing the development of a cryptocurrency.” He then asked Buterin, “is there a way to leverage that power and momentum to improve Ethereum?” Buterin said:

If DOGE wants to somehow bridge to Ethereum, and then people can trade DOGE thousands of times a second inside of looping, then that would be amazing.

“I definitely don’t think Ethereum is opposed to dog coins,” the co-founder emphasized. “I kind of want the fans to feel like Ethereum is, at least a little bit, in the spirit itself a dog coin.”

He elaborated: “I think if we can have a secure Doge-to-Ethereum bridge. That would be amazing, and then when Ethereum gets any scalability that works for Ethereum assets, you would be able to trade wrapped DOGE with very low transaction fees and very high speed as well.”

Commenting on Musk’s action to support dogecoin, Buterin said: “You would make a mistake if you were to ascribe too much-sophisticated malevolence or any deep intentionality to the whole process. He’s just a human being, and he likes dogs just like I like dogs.”

Musk then commented on the interview, tweeting: “I pretty much agree with Vitalik”.

Ethereum is currently undergoing an upgrade transitioning from a proof-of-work (PoW) consensus model to a proof-of-stake (PoS) model. Buterin recently explained why the upgrade is taking longer than expected.

“One of the biggest problems I’ve found with our project is not the technical problems, it’s problems related with people … Ethereum is now in a better economic position, but it took us five years to get to where we are now. We have a lot of internal team conflicts in these five years. If you are building a team, it is important to know who you are working with,” the Ethereum co-founder described.

Last month, Musk proposed some improvements for Dogecoin, claiming to have met with DOGE developers. Musk wrote: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

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Dogecoin Investor Drags Elon Musk, Tesla, SpaceX to Court in a $258 Billion Lawsuit

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Dogecoin investor Keith Johnson has dragged Elon Musk, the world’s richest man, and his two main companies, SpaceX and Tesla, to a Federal Court on Thursday for manipulating the price of the meme coin in a deliberate “crypto pyramid scheme” over Twitter.

Elon Musk, Tesla and SpaceX were sued for $258 billion, representing the decline in Dogecoin’s market value since May 2021.

Johnson, who invested in Dogecoin in 2021, filed a class-action lawsuit in the Southern District of New York for at least $86 billion in damages and wants it tripled. A class action is a type of lawsuit where one member of a group or parties represented the group or parties in court.

In the filing obtained by Investors King, Johnson accused Elon Musk, SpaceX and Tesla, Inc. of engaging in a Crypto Pyramid Scheme by way of Dogecoin cryptocurrency.

This, he said Musk did by aggressively promoting, supporting, and operating Dogecoin since 2019 despite knowing that the cryptocurrency was created as a joke without any value or significance.

He further stated that “Dogecoin is not a currency, stock, or security. It’s not backed by gold, other precious metal, or anything at all. You can’t eat it, grow it, or wear it. Dogecoin does not generate cash flow. It doesn’t pay interest or a dividend. It has no unique utility compared to other cryptocurrencies. It is not part of a new internet or the metaverse. It’s not based upon or tied to anything of value. It is not secured by a government or private entity. The number of coins is unlimited.”

Dogecoin was created in 2013 by co-founders, Billy Markus and Jackson Palmer. The meme coin was launched at $0.0002 a coin within two hours as Markus admitted that the coin was created as a joke and it relied 99.99% on the “greeter fool theory”.

However,  Elon Musk promotion and support drove the price of the joke coin to $0.75 a coin in 2021, an event that lured mainstream and global youths with zero understanding of investment risk into the cryptocurrency space.

A lot of them reportedly bought at a higher price, expecting the joke coin to extend its bullish run. As expected, experienced investors started taking profit and eventually cashed out after Elon Musk, in a turn of event, started attacking the team behind the coin for allowing few individuals to hold over 70% of the coin.

Also, the entire cryptocurrency stopped following Elon Musk after Tesla stopped accepting Bitcoin as payment because of its energy consumption. Large number of the cryptocurrency community said the billionaire can not be trusted.

Since then the coin has been on a downward trend and presently trading at $0.05 a coin.

 

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Dogecoin Billionaire Says Coin Approaching His Entry as He Loses Over $2 Million

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Glauber Contessoto, popular known as Dogecoin Billionaire, on Monday announced Dogecoin is now approaching his entry price when he dumped $180,000 on the joke coin in 2021.

Contessoto became popular after turning a $180,000 investment in Dogecoin into $3 million in 2021. However, the millionaire refused to take profits despite the fact that the cryptocurrency space is unregulated and highly volatile.

In one of his numerous interviews, he said the memes coins are the language of millennials and repeatedly claimed he is in for the long haul.

On Monday, in a few tweets, he said whether he cashed out or not, he has shown people it was possible to become a millionaire with cryptocurrency investment. Meaning despite the value of his holding plunging from $3 million to about $300,000, Contessoto is not bothered.

According to his interview with CNBC, Dogecoin Billionaire entered his position at about 4.5 cents. On May 8, the meme-inspired cryptocurrency, hit an all-time high of about 73 cents, and the value of Contessoto’s holdings surpassed $2 million.

After the surge, dogecoin’s price continued to fluctuate, but Contessoto remained confident in holding for the long-term — he even bought more dogecoin during the dips. Even now, he refuses to sell.

Still, Contessoto remains bullish on dogecoin, even though he isn’t currently a “dogecoin millionaire” on paper. “When I went into this dogecoin investment, I planned on being in it for at least a year,” he says. “I put in my life savings because I knew I would eventually become a millionaire.”

Now, he plans to hold the currency for much longer than a year. “Whatever happens in the short-term doesn’t matter to me because I’m looking to ‘hodl’ dogecoin for years to come. I’m truly not worried at the end of the day.”

 

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Dogecoin Shed 2.61%, Despite Massive Support from Elon Musk

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The bearish frenzy which has engulfed the global cryptocurrency market has shed 2.61% value of Dogecoin in the last 24 hours with a 23.68% drop in seven days.

Findings by Investors King show the asset is priced at $0.08693. With a market dominance of 0.91%, the top meme coin is ranked 10 on the global cryptocurrency market, according to data from Coinmarketcap.

The downward trend of the asset is also reflected in the market capitalisation of the coin which stands at $11,524,624,098.74, down 2.35%. While the 24-hour trading volume of DOGE is priced at $633,030,122.74, down 4.86%. The joke currency has hit a 24-hour low of $0.0865 and a 24-hour high of $0.09306.

Despite the huge support Dogecoin enjoys from Tesla and SpaceX CEO Elon Musk, the asset has not escaped the volatility that dominated the cryptocurrency market.

Within three weeks, the king meme coin which initially peaked at $0.1641 on April 26, tumbled to its current price of $0.08693.

However, Musk has remained bullish over the prospects of the coin despite massive sell-offs across the cryptocurrency market.

The tech billionaire posted a tweet saying Dogecoin has potential as a currency. His tweet was in response to a comment by dogecoin co-creator Billy Markus, who said that the reason he likes the meme cryptocurrency is because the asset is stupid.

Meanwhile, Dogecoin is to have more practical use cases as the Italian luxury fashion label Gucci has announced that it will begin accepting the meme coin and other cryptocurrencies as it looks to expand its presence in the crypto industry.

The fashion brand has been on a Web3 since the launch of the Gucci Vault, an online concept store representing Gucci’s presence in the Metaverse.

In another report, Dogecoin’s rival, Shiba Inu, is currently trading in the red zone at $0.000012 on the global cryptocurrency market, despite carrying out several burn transactions.

The coin has recorded a decline of 1.96% in the last 24 hours and a 27.86% drop in 7 days. Shiba Inu is 15 on the cryptocurrency market ranking with a market capitalisation of $6,659,763,704, down 2.32%, according to data from Coinmarketcap.

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