Dogecoin Hashrate Hits 7-Month High As Major Upgrade Approaches

According to statistics from CoinWarz, on October 18, the total hashrate of the Dogecoin blockchain briefly reached approximately 815 terahashes per second (TH/s), which represents a seven-month high for the popular memcoin. Despite a 19.4% decline from April's record hashrate of 1.34 petahash per second (PH/s), this figure shows growing interest in increasing computing power for block rewards on the second largest proof-of-work blockchain. (PoW).

Elon MUSK, CEO of Tesla, has been a strong supporter of Dogecoin since the beginning. His efforts to acquire Twitter are expected to be a major driver of renewed interest in memcoin. The increase in hashrate correlates with the October 17 WhaleStates report that the most valuable memcoin by market capitalization has witnessed a significant increase in trading volume on the BSC network. According to the latest data available, the top 100 whales on BSC together own 90,545,110 $DOGE, which is equivalent to $5,424,273.

Dogecoin miners are positive about the upcoming release of Dogecoin Core 1.14.7 and 1.21 updates. Dogecoin Core developer Pattrick LODDER claims that the 1.21 update is the “foundation for the future” of memcoin. The developer also said that update 1.14.7 will be released before the end of the year. $DOGE is trading at around $0.06 at the time of writing, according to data from CoinMarketCap.

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