Developer Ross Nicoll said that Musk even proposed to fund Dogecoin. Musk has been constantly driving the price of the cryptocurrency higher.
It seems evident that Elon Musk has been insistently driving the price of the meme cryptocurrency Dogecoin (DOGE) higher. However, the fact that Tesla’s founder has been talking about DOGE since 2019 is not accidental. A developer of the project said that Musk has been collaborating with them since that year.
Since Musk first contacted DOGE developers, he has provided “a lot of advice and information”. Ross Nicoll, one of the developers contributing to the Dogecoin protocol, stated that the entrepreneur has been helping them.
According to Nicoll, the billionaire has focused on encouraging the developers of Dogecoin to optimize its transactions. Musk himself has recently written about that on his Twitter account.
Nicoll added that Musk has contacted him and 4 other developers of the crypto asset. Currently, Dogecoin ranks among the 10 most valuable cryptocurrencies in terms of market capitalization.
A developer, whose pseudonym was “Sporklin”, was among those other developers. She died in April but she left a message making it clear that Musk “has nothing to do with Dogecoin.”
According to data from the Github repository, there has been little activity in the development of the meme cryptocurrency. There were peaks of collaborations until the year 2017 but they were mainly contributions to Bitcoin. Dogecoin is based on Litecoin, which is a fork of Bitcoin, so the development contributions visible are to Bitcoin rather than to Dogecoin.
Recognized Bitcoin contributors, like the former maintainer of the code Gavin Andressen, are on the list of developers. Additionally, Wladimir van der Laan, Peter Todd and Matt Corallo have made hundreds of contributions. However, even Nicoll and Sporklin together have not reached twenty contributions.
Musk Has Moved the DOGE Market Since 2019
Besides giving advice and contributing a “vast” list of contacts, Musk has offered to fund the development of Dogecoin. However, the developers of the project rejected that and other offers from potential investors, according to Nicoll.
The developer alludes to Musk’s interest in Dogecoin since 2019. That year, the businessman received the curious “appointment as CEO” of DOGE.
Musk has since been constantly involved in significant rises in the price of the cryptocurrency, which he has mentioned on social media. At the time, DOGE was not even worth US 0.01 but is currently trading at around USD 0.5 per unit. His impact on Dogecoin’s price has been evident even to the downside, such as when he said that it was a “scam”.
The entrepreneur is currently fighting against the Bitcoin community. In recent weeks, he criticized the alleged environmental impact of Bitcoin mining and presented DOGE as a greener alternative. However, he seems not to know that Dogecoin uses the same consensus system, that is, the Proof of Work (PoW).
One thing that makes it different from Dogecoin is that it accumulates much less computing power on its network. Fewer miners are connected but the value of the coins that they receive for mining rises in the market. The rewards for mining the cryptocurrency look more attractive, which may lead to the connection of a larger number of machines.
By Alexander Salazar
