After announcing earlier this month that he would be working with Dogecoin developers to "improve system transaction efficiency," Elon Musk is now urging the public to further improve meme currency.
“If you'd like to help develop Doge, please submit ideas on GitHub and http://reddit.com/r/dogecoin/ @dogecoin_devs,” Musk tweeted on Monday.
He added that one user has already suggested changing the meme token rates based on moon phases, which he called "really cool."
The Dogefather back in action
According to quotation In prices, Dogecoin bounced around 21% to around 36 cents per token as of late Monday afternoon. Dogecoin collapsed along with the two largest cryptocurrencies in the world, Bitcoin and Ethereum, over the weekend.
Musk's comments on Dogecoin over the past month have led to several swings.
During an appearance on Saturday Night Live earlier this month, Musk plunged the price of Dogecoin when he called it a "fuss".
Dogecoin's price later began to rise when Musk's aerospace company SpaceX announced it would send the digital currency to the moon in the first quarter of 2022 with Doge-1, Dogecoin's first fully-funded commercial payload.
He also helped bolster Dogecoin in a tweet asking if Tesla should accept DOGE as an alternative form of payment for its electric vehicles. In another he wrote "How much is that Doge in the window?", Along with a photo of Shina Ibu, the symbol of the Doge meme, on a $ 1 sticker attached to a laptop. The photo also showed the word “Cyberviking” in neon lights.
Regulation now seems inevitable
Despite his support for Dogecoin and other cryptocurrencies, Musk has been critical of Bitcoin for its "insane" energy consumption. It also recently turned the tide on accepting the world's largest cryptocurrency as a form of payment for Tesla electric vehicles, citing the reliance of Bitcoin mining on fossil fuels.
Musk's comments, as well as China and the US signaling a potential crackdown to regulate the cryptocurrency market, sent Dogecoin, Ethereum and Bitcoin down once again over the weekend, with the latter losing around 50%. % of its value. However, Musk recently indicated that Tesla will keep its $ 1,5 billion investment in Bitcoin despite the sales.
Musk's effort to develop Dogecoin comes as the Federal Reserve plans to step up research and engagement with the public as it explores the creation of central bank digital currencies. Fed chairman Jerome Powell recently said the agency intends to play a "leading role" in developing international standards as central banks around the world enter the realm of cryptocurrencies. Powell said digital currencies will "complement" rather than replace the US dollar.
