Several significant developments have taken place regarding Dogecoin over the past week. From a preferred investment choice to a TIkTok ban, let’s look at the biggest developments to make the news.
Dogecoin Among The Most Preferred Investment For Young Britons
A poll for the investment platform Interactive Investor has thrown up some interesting information regarding cryptocurrency, more specifically Dogecoin. According to the poll, 45% of the people in the age group of 18-29 chose the crypto market to make their first-ever investment.
While Bitcoin is the most popular digital asset, with 20% of the age group favoring the cryptocurrency, Dogecoin also finds itself as one of the most popular cryptocurrencies in the age group of 18-19, with a significant chunk of first-time investors putting their money into the cryptocurrency.
However, another side of the poll also pointed out that 56% of the participants had taken on debt to be able to purchase cryptocurrencies.
TikTok Bans Paid Crypto Promotions
Social media giant TikTok has updated its “Branded Content Policy.” The updated policy prohibits users of the platform from participating in the paid promotion of financial services. This includes cryptocurrencies such as Bitcoin and Dogecoin.
The new rules explicitly state that,
“All financial services and products are prohibited, including but not limited to lending and management of money assets, loans, and credit cards, buy now pay later (BNPL) services, trading platforms, cryptocurrency.”
Unclear Rules
It is still not clear how the new rules would also impact the unpaid promotion of cryptocurrencies and other financial products. Head of Client Education at Informed Choice, Martin Bamford, believes that TikTok is clamping down on sponsored content that leads to an affiliate link. He further stated that at the moment, it is not clear what the impact of these new rules would be on regulated firms and individuals that are already on the platform.
A Social Media Driving Force
TikTok has, in recent months, become a significant driver of some of the recent cryptocurrency price rallies. One recent example was a group of TikTokers on the platform, who kept making viral videos to drive up the price of Dogecoin to $1.
Elon Musk Offers Tips To Make Dogecoin Superior To Bitcoin And Ethereum
Elon Musk has suggested that Dogecoin will become superior to Bitcoin and Ethereum after the upcoming update. He stated that the meme coin would offer cheaper and faster transactions than both Bitcoin and Ethereum.
The New Doge Update
The new upgrade is expected to boost transaction speeds of Dogecoin’s base layer transactions while also bringing down the fees associated with the transactions. In a Twitter exchange where a user pointed out to Musk that Dogecoin was already 15 times faster than Bitcoin and that increasing the block speed was difficult, Musk suggested increasing the block size and frequency steadily so that it could match the broadly available bandwidth.
In response to Musk’s tweets, Bitcoin community influences tweeted that Musk had forgotten that Dogecoin was merge-mined with Litecoin, and to boost the transaction speed of the memecoin, developers may need to hard fork Dogecoin from Litecoin.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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