Dogecoin's DOGE Sees Volatile Trading After Upgrade

Dogecoin regressed Wednesday's gains even as the upgrade went live.

AccessTimeIconJul 21, 2022 at 11:25 a.m. UTC
Updated Jul 21, 2022 at 3:19 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Developers behind memecoin dogecoin (DOGE) have released its Core 1.14.6 upgrade in early Asian hours on Thursday, a GitHub listing shows.

The minor version release introduces essential security updates and changes to network efficiency.

Security-related fixes include changes to alert messages and increased transaction download system reliability, allowing developers to download historical transactions.

The release changed the recommended dust limit for all participants on the Dogecoin network to 0.01 DOGE from the earlier 1 DOGE. Dust limits are thresholds encoded in the Dogecoin network that denote the minimum amount of currency used for a transaction to be processed on the chain.

Wallet operators can also identify if any transactions are stuck, have not been mined or are not in the mempool, a holding bin for transactions waiting to get mined into blocks. This prevents the node from sending out old transactions that got lost.

Another wallet-related fix allows node operators to change the maximum number of connections their node allows without needing to restart, allowing for more fine-grained control of the node's network capacities.

A new remote procedure call (RPC) method, rescan, has been added to allow node operators to rescan the chain for wallet transactions from a certain height, as per developer documents. “This can help speed up the rescan process for keys known to be generated after a certain date or block height,” developers explained in the release.

Dogecoin’s native DOGE tokens saw volatile trading in the past 24 hours. Prices fell some 9%, regressing almost all gains from Tuesday’s run as traders took profits on their positions. However, the tokens are up 11% for the week.

Despite the price volatility, DOGE-tracked futures saw some $5 million in liquidations, suggesting the moves were mainly spot driven.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.