The price of dogecoin (DOGE) experienced a slight increase from $0.242 to $0.266 after Elon Musk, the founder and CEO of Tesla Inc, tweeted himself and showing his support an update to the proposed average transaction fee for dogecoin.
According to Coinmarketcap, dogecoin, the sixth-largest cryptocurrency with a market cap of $33,504,861,679, has risen by 34.23% over the past week.
Dogecoin hit a record high of $0.74 on May 8, following a slump to the current price to only about one-third. At the time of writing, Dogecoin was trading at $0.26 during the intraday.
In a Reddit post on June 28, Dogecoin Core developer Patrick Lodder summarized the proposed update:
“This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less on core development, and bring back a functional (small) free transaction space that incentivizes keeping the network healthy.”
Elon Musk told Dogecoin core developer Rose Nicole on Twitter on the evening of June 28 that these changes are “important support.” Lower transaction fees will attract more users who use Dogecoin for cash checks, remittances, and online merchant payment settlements.
Musk, a huge proponent of Dogecoin, has commented on the meme-based cryptocurrency on several occasions on Twitter, even declaring the meme-inspired cryptocurrency is a “hustle” on Saturday Night Live.
At present, some firms range from Cuban’s Dallas Mavericks has accepted the coin for its tickets and merchandise as Blockchain.News reported before. That could be a classic case of Elon Musk throwing out ideas for cryptocurrencies, even though most people doubted that Tesla would implement Dogecoin payments.
As early as June 2, Coinbase, the top US cryptocurrency exchange, announced that Dogecoin would be available for trading on Coinbase Pro accounts.
Within the last two months, the value of Dogecoin rose by more than ten times before dropping by almost 60%. The meme cryptocurrency may work for speculators and fly-by-night investors, but not for ordinary people looking for a stable source of value to get paid to use for day-to-day spending.
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