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Dogecoin pumps 8%, as David Gokhshtein imagines Vitalik and Musk ‘working together to upgrade $DOGE’

By Darius McQuaid

15:27, 25 November 2022

Representation of Dogecoin cryptocurrency is seen in this illustration photo taken in Krakow, Poland
This is not the first time Buterin and Musk have been paired together due to DOGE - Photo: Getty Images

Meme-inspired dogecoin (DOGE) rose by almost a tenth today (25 November). It comes after the founder of a blockchain media company said he can see Elon Musk and Vitalik Buterin “working together to somehow upgrade DOGE”.

David Gokhshtein, founder of Gokhshtein Media has predicted that Buterin, co-founder of ethereum (ETH) and Musk, CEO of Tesla and Twitter working together to improve DOGE.      

Gokhshtein explained their motives for wanting to work on DOGE as Musk is “interested in turning something that started off as a joke into something serious” and that Buterin tried to work on bitcoin (BTC) in the past, but it did not go well.

As of 13.04 GMT on 25 November DOGE was up by 8% compared to the previous day to $0.08768, according to CoinMarketCap.   

DOGE to USD 

Musk is unofficial CEO of DOGE

In a Twitter poll back in 2019, Musk was named the unofficial CEO of dogecoin, beating other crypto luminaries such as Buterin, Charlie Lee, creator of litecoin (LTC), and Marshall Hayner, CEO of Metal Pay.

BTC/USD

69,807.05 Price
-1.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.62 Price
-2.360% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,536.43 Price
-0.800% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.21 Price
-3.800% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

Buterin and Musk have often been paired together in terms of contribution to DOGE. In August 2021, the Dogecoin Foundation was re-established with the addition of Buterin and Jared Birchall, who represents Musk.  

Birchall is head of Musk’s Family Office. Buterin is listed as a blockchain and crypto adviser, and Birchall as a legal and finance adviser.

The non-profit organisation was set up in 2014 but became inactive over time and finally dissolved. The foundation was established to provide “support for the crypto through development and advocacy” to prevent abuse and fraud of the crypto, and to provide a “roadmap and governance” for the future of DOGE.

The Dogecoin Foundation also has a manifesto, which states: “Being useful, we value utility over technical brilliance. Being personable, we value individuals and interactions over profit-driven economics. Being welcoming, we value collaboration and trust over competition and exclusivity. Being reliable, we value working solutions over speed of delivery.”

So far, neither Musk nor Vitalik have commented on Gokhshtein’s tweet.  

Markets in this article

BTC/USD
Bitcoin / USD
69807.05 USD
-973.95 -1.380%
DOGE/USD
DogeCoin / USD
0.2144673 USD
-0.0084401 -3.800%
ETH/USD
Ethereum / USD
3536.43 USD
-28.62 -0.800%
LTC/USD
Litecoin / USD
98.69 USD
4.67 +4.970%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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