Dogecoin Sees Uptick After Elon Musk Tweet Supporting Fee-Change Proposal
The Tesla founder tweeted in response to a proposal to reduce the fee.
Jun 28, 2021 at 10:00 a.m. UTCUpdated Aug 21, 2021 at 6:57 p.m. UTC
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Elon Musk's tweeted support for a proposal to change dogecoin's fee structure was followed by an uptick in the price of the meme-based crypto.
- His tweet was in response to a proposal by dogecoin developer Patrick Lodder to reduce fees to 0.01 DOGE in order for the crypto to remain competitive.
- The current recommended fee of 1 DOGE has "become steep for the perceived value of transacting dogecoin," and is "disincentivizing on-chain transactions unnecessarily," Lodder wrote on GitHub, a website where software developers share codes, development tools and ideas.
- Lodder argues that whereas DOGE transactions used to be 10 times cheaper than litecoin's, they are now nearly five times more expensive.
- DOGE's price subsequently rallied to above $0.26. It has since pulled back, sitting at $0.256 at press time.
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