The Dogecoin enthusiast says it is important to back a proposal that would make minimum transaction fees 100 times lower.
Elon Musk has thrown his support behind a proposal that would substantially reduce minimum transaction fees on Dogecoin’s network.
If approved, the measures would result in fees being 100 times less than they are now — falling from at least 1 DOGE to a minimum of 0.01 DOGE.
Given how prices hit highs of $0.7376 back in May, there were concerns that such a high minimum would make transactions on this blockchain prohibitively expensive — especially if rival networks are able to process payments for less.
The new rules could come into force as soon as 30% of nodes accept a fee rate of 0.01 DOGE or less.
On Twitter, Musk wrote that the proposal was “important to support.”
All of this means that DOGE is currently the best-performing altcoin on a seven-day timeframe, up 14%.
Still Tweeting Away
Musk — who incidentally turns 50 years old today — is continuing to tweet regularly about cryptocurrencies.
On Friday, he announced that he was going to name his shiba inu Floki — and unsurprisingly, SHIBA INU raced higher soon afterward.
The billionaire CEO of Tesla also had Bitcoin “maxis” — who believe that all forms of digital currency are inferior to BTC — in his sights when he cracked a joke. He wrote:
“How many Bitcoin maxis does it take to screw in a lightbulb?”
