THE price of Dogecoin has surged once more after Elon Musk backed new moves to massively slash its transaction fees.
The mega-rich Tesla boss said it was “important to support” the plan after previously calling for Dogecoin to become the crypto currency of the internet.
The proposal would reduce the average fee of a standard transaction by around 100 TIMES.
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Ross Nicoll, a Dogecoin Core contributor, shared a tweet related to the fee slashing drive and Musk replied it was “important to support.”
Dogecoin’s price jumped eight per cent after Musk’s short comment on his Twitter feed – which has 57.6m followers.
The recommended lower limit for sending a DOGE transaction is currently one DOGE.
However, Patrick Lodder, the developer who created the ambitious proposal, wants to cut this amount to just 0.01 DOGE.
He said the changes “to reduce average fees 100x for standard transactions on the Dogecoin chain” will keep the “network healthy.”
In the wake of Musks’s tweet DOGE’s price subsequently rallied and is sitting at $0.261 at publishing time.
The proposal also won the support of Dogecoin co-creator Billy Markus, who goes by the handle Shibetoshi Nakamoto on Twitter.
He reminded the crypto cash community that he set the fee model to “1 DOGE in 2013 after a spam attack” and that “it would be cool to see it get reduced eight years later!”
In April, Musk named himself the ‘Dogefather’ ahead of his appearance on SNL.
While the SpaceX founder reportedly does not have significant holdings of Dogecoin, he does post about it on Twitter, often prompting its value to increase.
The virtual “money” started as an internet parody more than seven years ago, according to CNN, but has since become a legitimate digital currency.
Jackson Palmer, an Australian marketer, made a joke about combining cryptocurrency and the Doge meme in 2013, but that joke has taken on a life of its own.
Dogecoin is simply a digital coin with a picture of dog on it, according to CNET.
That dog is the subject of an internet meme of a Shibe with an “inner monologue” featuring phrases like “so scare,” “much noble,” and “wow.”
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In January, Musk noted that his posts about Dogecoin are “just meant to be jokes”.
But they clearly have a real impact on the value of the cryptocurrency.
In response to his Dogefather tweet, several people replied with various memes of Musk with “Doge” and with phrases like “Dogerise” and “Doge taking over the world!”