Things are looking up for Dogecoin, even with its slump over the weekend.
Investors remain bullish for a Dogecoin comeback soon, especially with analysts predicting an explosive end to 2021 for the main cryptocurrencies.
One main believer of a Dogecoin return is the "Doge millionaire," Glauber Contessoto, who revealed in a tweet on Monday that 99 percent of his portfolio remains invested in Dogecoin. He said he has never been more bullish on the token, as he further revealed holdings in Cardano and Floki.
99% of my money is still in #Dogecoin and I’m more bullish on it than I’ve ever been before. I’m also currently making passive income by staking my #Cardano - and now I’m making a new move with #Floki because I see an incredible upside to it 🐕🚀🌔
— SlumDOGE Millionaire (@ProTheDoge) November 7, 2021
In a recent interview as published on FX Street, Contessoto said that his "unit bias" is a factor in his bullishness for DOGE, saying he would "rather own 1000 Dogecoin" than "0.0000001 in Bitcoin." He attributed this to a "psychological thing." Contessoto even argued Dogecoin's relevance over Bitcoin and other digital tokens, considering it has been an asset primed for mainstream use.
Dogecoin Price Prediction: Breakout Seen When DOGE Reaches $0.30
On Monday night, Dogecoin soared 5.45 percent to $0.281577, as per Coindesk's real-time tracker.
DOGE has also achieved cyclical surges, with the once joke crytocoin providing some degree of predictability based on movements of crypto whales (or investors or traders holding large amounts of the coin) such as Contessoto, FX Street added.
Experts see DOGE climbing even higher after each cycle. Analysts saw through Dogecoin's price trend in the recent weeks and forecasted that DOGE will skyrocket once it reaches the $0.30 level.
Dogecoin Core 1.14.5 Upgrade
Boosting these predictions is the recent release of Dogecoin Core 1.14.5, an upgrade of the coin's official wallet that investors use to buy, sell, use or manage the inventory of Dogecoin. The new update, developers note, adds several enhancements and fixes to the software.
#Dogecoin Core 1.14.5 is out! Users are recommended to update immediately due to important security fixes. 1.14.5 reduces the recommended fees, following the reduction of the relay fees in 1.14.4. You also get bug fixes and performance improvements. https://t.co/39RN3V6eeN
— Mishaboar (@mishaboar) November 8, 2021
Among these benefits include speeding up block time by 10 times, increasing the block size by ten times, and dropping transaction fees drastically--even up to 100 percent.
But the most critical aspect the new update seeks to address are the transaction fees. Dogecoin Core 1.14.5 aims to reduce overall transaction fees, and also incentivize node operators to relay low-fee transactions to miners, AMB Crypto reported.
In a GitHub report, it revealed that the recommended block inclusion fee is 0.01 DOGE (or about $0.002) per kilobyte in the core wallet.
While the preceding version, 1.14.4, had already aimed at lowering the fees, the Dogecoin network will adopt the less expensive transaction charges by default. As such, third party wallets, including Ledger and Exodus, will support less costly transactions.
Dogecoin surged months back after the "Dogefather," Tesla and SpaceX CEO Elon Musk, revealed closely coordinating with DOGE developers on enhancing the blockchain, particularly in bringing lower transaction fees into fruition. Musk had emphasized that lower DOGE fees is "super important" to have the coin used in mainstream retail transactions, such as buying movie tickets, Bloomberg reported.
Experts noted that this milestone will make Dogecoin scale new heights and spark even more bullishness from the DOGE community.
