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Elon Musk's Development Efforts Could Give Dogecoin A 'Value Floor,' Hopes Cardano Founder

June 24, 2021 1:14 am
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Elon Musk's Development Efforts Could Give Dogecoin A 'Value Floor,' Hopes Cardano Founder

Cardano (CRYPTO: ADA) founder and Ethereum (CRYPTO: ETH) co-founder Charles Hoskinson said in an interview that he hopes Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s development initiatives on Dogecoin (DOGE) would give the currency a “value floor.”

What Happened: Hoskinson in conversation with podcast host Lex Fridman this week said, “Dogecoin is a reasonable target for someone to fix it up and make it an interesting cryptocurrency.”

See Also: How To Buy Dogecoin (DOGE)

Hoskinson said he hoped that a “compromise can be made where real developers come in and they start working on DOGE to create some use and utility for it so at least it has a value floor and won't collapse.”

Notably, Hoskinson said during the podcast that he was not against the idea of Dogecoin and Cardano working together. He said, “it would be a lot of fun.”

DOGE traded 9.29% higher at $0.228 at press time over 24 hours. The Shiba Inu-themed cryptocurrency was up 8.6% against both Bitcoin (CRYPTO: BTC) and ETH.

See Also: Vitalik Buterin Says He Loves 'Doge,' Suggests Dogecoin-Ethereum Collaboration For Scalability

Why It Matters: Hoskinson said no matter whoever “comes in” improvements to Dogecoin will require 2-3 years of work. 

Last month, Hoskinson had released a video directed at Musk on how to improve Dogecoin. The video featured almost a dozen papers on transaction speed, quantum resistance, smart contracts, and more. 

Musk had asked his social media following for help for improvements to DOGE and asked them to submit their ideas on GitHub and Reddit.

Dogecoin co-creator Billy Markus said in April that the meme coin’s development has kept pace with Bitcoin. This month, Markus said of Musk's DOGE development efforts that he was “not super excited about people talking about doing things, only people actually doing things.”

Read Next: EXCLUSIVE: Dogecoin Mania Didn't Prove 'The End Of Crypto,' So They Launched Commercial Toilet Paper-Backer Tetherino, 'The Most Ridiculous Cryptocurrency' Ever

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