Dogecoin in uncertainty, fails to keep up with market rebound

Elon Musk’s favorite crypto-currency, the price of Dogecoin, has been trading under enormous selling pressure for a while.

Dogecoin releases new update

In order to boost the usefulness of Dogecoin, its team has announced a new update. It mentioned that the Core 1.14.6 version is now available and running live. This one will bring a good number of improvements to Dogecoin. It will also add some new features to the user interface.

#Dogecoin Core 1.14.6 is now released, live and current! With a good number of improvements under the hood and some nice new features in the UI. Get it here – https://t.co/7pn8tl4dwJ this is definitely a recommended update for everyone!

– Dogecoin (@dogecoin) July 20, 2022

The release adds that this version will include important security updates and some changes to network efficiency. The team has asked all core users, such as miners, service and wallet users, to upgrade. However, the upgrade will change the dust limit on the network from 1 DOGE to 0.01 DOGE.

Earlier, Elon Musk, during a quarterly conference with investors, said that Tesla had sold about 75% of its bitcoin holdings in the second quarter. At the same time, he also mentioned that they have not sold their Dogecoin holdings and still hold the same amount.

Has Tesla added DOGE to its holdings?

The price of DOGE has not responded to these announcements. In fact, its price has dropped about 7% in the last 24 hours. It appears that Musk’s influence on DOGE is fading over time. He has been very clear in posting his support for the meme currency.

Dogecoin trades at an average price of $0.0688. Its 24-hour trading volume also dropped 26% to $689 million. However, Dogecoin has seen some price recovery of 15% over the past 7 days.

Elon Musk has opened up about his stake in Dogecoin in the past. However, he has not indicated that Tesla owns it. The electric vehicle giant has accepted DOGE as a payment method for some of its goods.

Meanwhile, it’s still unclear whether Tesla has added Dogecoin to its wallet or whether it holds a crypto used for merchandise purchases.