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Dogecoin Sees Uptick After Elon Musk Tweet Supporting Fee-Change Proposal
The Tesla founder tweeted in response to a proposal to reduce the fee.
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.
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- The Tesla founder said it is important to support a reduction in DOGE transaction fees.
- 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.
Read more: Dogecoin Jumps 22% as Elon Musk Hints at Improving Network’s Transaction Efficiency
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
