Categories: Analysis

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.

Dogecoin is up nearly 7% after Elon Musk’s tweet

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”.

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.

1H candlestick chart of the DOGE / USDT pair on the Binance exchange

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.

Synthetic

You may be interested in:

CoinCu.com

Source: Coin 68

CoinX

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

5 hours ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

5 hours ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

5 hours ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

6 hours ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

7 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

8 hours ago

This website uses cookies.