The price of Dogecoin is rising again after a proposed update to the way transactions are carried out on the cryptocurrency network received approval from Elon Musk.
The Tesla boss said Monday it was “important to support change” after previously calling for Dogecoin to be the currency of the Internet.
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The proposal would cut the average fee of a standard Dogecoin transaction by 100 times.
“In the first six months of 2021, several new all-time highs against both USD and BTC caused the recommended fee of 1 DOGE for the perceived value of Dogecoin’s on-chain transaction to skyrocket,” it says in the proposal.
“Since its inception, Dogecoin has aimed to be accessible to everyone, but at current exchange rates, DOGE’s transaction is artificially kept higher than indicated in the Bitcoin and Litecoin chains, regardless of the fee savings.”
The meteoric rise in the price of Dogecoin this year means it has gone from ten times cheaper than Litecoin to five times more expensive.
The proposed changes would gradually be spread across multiple software releases if they are widely recognized by the Dogecoin community.
Software developer Billy Markus, who co-founded dogecoin with fellow developer Jackson Palmer in 2013, responded to Mr Musk’s tweet with the fire emoji.
Mr Markus recently announced that he has reinvested in Dogecoin for the first time in eight years after a major crash between May and June brought the value of Dogecoin from over $ 0.70 to below $ 0.20.
Dogecoin was back above $ 0.25 at the time of writing and was up more than 10 percent after the proposed update was first announced on Sunday.
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