Dogecoin Price Soars Then Drops As New Update Goes Live
Dogecoin (DOGE) has dropped today following a 12% surge yesterday - as a Dogecoin Core update went live which aims to tackle a number of security problems associated with the famous meme coin, as well as reduce transaction fees and improve performance.
According to a GitHub note, the update 1.14.5 is "a new minor version release," which includes security updates and changes to network policies. The note urges all Dogecoin Core users, miners, and operators to upgrade immediately.
The update fixes two vulnerabilities that are currently affecting most Dogecoin Core users: Remote Code Execution in Dogecoin QT (CVE-2021-3401) and Sensitive Information Exposure on Unix platforms (CVE-2019-15947), as per the GitHub release.
Notably, the update reduces Dogecoin transaction fees from DOGE 1 to DOGE 0.01 per transaction, diminishing the fee by 99%.
Dogecoin Developers first unveiled the update on November 7, prompting a frenzy around the coin. Following the news, Dogecoin, which was trading at around USD 0.26 on that day, shot up to nearly USD 0.30 on November 8, gaining more than 12% along the way, as per data by CoinGecko.
It corrected lower since, and at 10:13 UTC, DOGE is trading at USD 0.28, down 1.7% in a day. It's up 3.4% in a week.
DOGE price chart:
Meanwhile, Tesla and SpaceX CEO Elon Musk, who is known as an advocate of Dogecoin, showed his appreciation of the update, calling it "important."
"Elon, the first important step is here - so many people contributed to this release! Developers first, and then the entire community pushed for this release with extraordinary enthusiasm," said one Twitter user in reply to Elon Musk, acknowledging the billionaire's support.
In mid-August, the Dogecoin Foundation, a non-profit organization that aims to support the cryptocurrency, announced its re-establishment after almost six years of absence, promising to support the meme coin community, as well as to promote the future of the Dogecoin Blockchain.
"We are here to accelerate the development effort by supporting current Dogecoin Core and future Dogecoin Developers to work on a full-time basis through sponsorship, as well as providing a welcome landing for new contributors hoping to help with the project," the foundation said at the time.
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