$DOGE Jumps After Elon Musk Supports Fee-Change Proposal

Dogecoin ($DOGE) saw an uptick Monday following yet another tweet from Elon Musk. The Tesla ($TSLA) founder, who describes himself as the “Dogefather”, recently tweeted his support for a proposal that would reduce transaction fees for the cryptocurrency.

At writing, $DOGE is trading higher by about 6% at $0.258.

As reported by CoinDesk:

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.

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 the full article at coindesk.com.

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