Dogecoin’s pump has been fueled by the latest news and growing sentiment in the market
Following the Dogecoin Core 1.14.5 update announcement, the meme-based coin jumped in price by 11% but then rapidly retraced, losing approximately half of the day’s profit, according to TradingView.
Another reason for the coin’s sudden growth is the rally in the cryptocurrency market, which is now valued at $ 3 trillion. But the main fuel for the growth is the update, which led to the reduction in fees that has been endorsed by Elon Musk.
The reduction in fees has also been warmly welcomed by the Dogecoin community, which is always ready to continue decentralizing the network.
In addition to the reduction of transaction costs, the update also improves the network’s performance by fixing preexisting vulnerabilities that have caused issues for Dogecoin users.
The rapid retracement in the market was most likely caused by selling pressure near the $ 0.3 price, which is the local high from which Doge returned to the September value.
Dogecoin has been steadily moving in an uptrend since the beginning of the month, gaining 43% in total with a local peak at $0.34—reached in August. At the time of going to press, Doge is trading with a market cap of $ 37 billion, adding 7%.
