What Does Elon Musk Want for His 50th Birthday? Lower DOGE Fees!
Market Musings

What Does Elon Musk Want for His 50th Birthday? Lower DOGE Fees!

5 months ago
1m

The Dogecoin enthusiast says it is important to back a proposal that would make minimum transaction fees 100 times lower.

What Does Elon Musk Want for His 50th Birthday? Lower DOGE Fees!

Table of Contents

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?”