The Tesla founder, Elon Musk, waved a positive signal as a response for a proposal to change dogecoin’s fee structure. This tweet surged the price of Dogecoin in the market.
Elon Musk’s support for DOGE
Dogecoin (DOGE) developer and Software engineer, Ross Nicoll posted a tweet regarding fee policy change proposal for Dogecoin. As a reply to the tweet, Elon Musk commented “Important to support.” Thus it became another strategic tweet for the raise of the DOGE value in the market.
Important to support
— Elon Musk (@elonmusk) June 28, 2021
Moreover, the reason for the tweet is to reduce the gas fee to 0.01 DOGE. Thus it supports the crypto industry to maintain a competitive edge. The document of the Fee Policy change proposal was submitted by Dogecoin developer Patrick Lodder.
In addition to the proposal, he says,
“This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the Dogecoin chain, and bring back a functional (small) free transaction space that incentivizes keeping the network healthy.”
Furthermore, after Musk’s support for the DOGE fee change proposal the value of dogecoin showed an increase in the market. According to CoinMarketCap, the current price of Dogecoin is $0.265855 USD with a rise of 3.81% at the time of writing. The meme-coin still remains competitive positioning #6 in the market.
Earlier to this tweet, Musk initiated a talk about enhancing Dogecoin last month. With respect to the context, he tweeted, ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Therefore, through Musk’s views and ideas, DOGE can remain strong and competitive among all cryptocurrencies.
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