Dogecoin is up nearly 7% after Elon Musk’s tweet
Dogecoin (DOGE) price just rose slightly after Elon Musk’s tweet about helping lower DOGE transaction fees is important.
Elon Musk, CEO of Tesla, supported Dogecoin’s proposal on Twitter to change the fee structure. After this tweet, the price of the meme coin rose almost 7% at times.
In particular, Elon Musk’s tweet was in response to a proposal by Dogecoin developer Patrick Lodder to cut fees to 0.01 DOGE. This step is intended to help keep the cryptocurrency competitive.
According to Lodder, the proposed fee of 1 DOGE is currently “high compared to the value from trading Dogecoin” and “unnecessarily devalues on-chain transactions”.
Important to support
– Elon Musk (@elonmusk) June 28, 2021
Lodder argues that trading DOGE used to be ten times cheaper than Litecoin (LTC). However, now it is almost 5 times more expensive.
According to the supportive tweet from Elon Musk, DOGE price rose above $ 0.26 (nearly 7%). It has now fallen back and is trading around $ 0.253 at the time of writing.
Since the “farewell” from Bitcoin in mid-May until now, Elon Musk has completely switched to supporting Dogecoin. The famous billionaire not only tweeted regularly about the “dog coin”, but also claimed to have been “secretly” working with the DOGE development team since 2019 and even participated in a controversy over Dogecoin with Ethereum founder Vitalik Buterin.
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Source: Coin 68