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Dogecoin Receives Core Updates From Developers
Popular meme token Dogecoin has just received its first update in several years, aiming to respond to the recent influx of users. This shows the growing enthusiasm around the meme coin, which shows no signs of waning.
Minor update to Dogecoin blockchain
The latest development was revealed on Reddit by a group of developers. The update named “Dogecoin 1.14.3 Core” is a minor change that includes significant performance improvement on its blockchain.
The most notable change is an improvement in sync speed, which makes checking blocks easier. Also, the developers added another update regarding the expiration time of transactions cached in the mempool. It has been reduced from 336 hours to 24 hours.
This is the first Dogecoin update in six years as the project has more or less been scrapped. However, interest from new investors has prompted developers to resume work on the blockchain platform. According to Ross Nicoll, the lead developer in charge of maintaining the blockchain, the update was necessary.
“Because of this new interest, we were able to understand better the performance of the program we wrote, and it pushed us to improve what we can, both in the short term and in the long term. In 24 hours, we have seen the number of nodes increase by more than 15 times, and it is in such moments that the least optimized elements appear,” he said.
Dogecoin price holds for now
The price of DOGE exploded in February following interest from WallStreetBets and Elon Musk. This boosted the meme token price to a yearly high of $0.087, leading to a rush from retail investors.
Since then, the DOGE price has fallen by more than 50%, but it is trading well above the levels it experienced a few months ago. On March 1, 2020, the DOGE price was worth $0.002; 12 months later, it is worth $0.048, increasing by 2,400% in 12 months.
Currently, DOGE is ranked 14th on the coin rankings with a market cap of $6 billion. However, concerns remain about the sustainability of its recent bullish rise. Despite the latest effect, it will take a significant use case for the meme token to sustain its current price levels.