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Elon Musk supported the proposal to update the Dogecoin network

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Dogecoin network

Elon Musk supported the proposal to update the Dogecoin network

Dogecoin network update supported by Elon Musk. The developers of the project were recommended to reduce the commission for transactions on the network by 100 times. Earlier, the head of Tesla and SpaceX said that such decisions would help altcoin beat bitcoin.

The posts of a businessman periodically provoke a rise in the value of this altcoin. This is exactly the situation we observe again at the beginning of this week. The DOGE rate on June 28 rose to $ 0.256. Cryptocurrency capitalization increased by almost 5% per day to $ 33.496 billion. The coin secured sixth place in the ranking of the largest digital currencies according to the CoinMarketCap website.

dogecoin Network

Tesla and SpaceX CEO Elon Musk supported the proposal to update the Dogecoin network. It argues that the average transaction fee on the altcoin blockchain should be reduced by 100 times. At the moment, the cost is about 1 Doge, which is, on average, five times more expensive than transferring funds on the Litecoin network.

Over the past day, the price of Dogecoin has grown by 5%, to current levels of about $ 0.25 on the Bitksmi crypto exchange. The cost of the cryptocurrency rises against the background of the rise in the price of bitcoin, the price of which has increased by 4% over the past 24 hours, to $ 34.5 thousand.

Musk tweeted in May that Dogecoin could beat Bitcoin if major changes are made to the altcoin network. The billionaire also said that he is working with the developers of the project to improve the transactional efficiency of the system.

Late last month, Ethereum co-founder Vitalik Buterin criticized Musk’s idea of scaling Dogecoin. According to the creator of the largest altcoin in terms of capitalization, the proposals of the head of Tesla and SpaceX will deprive the asset of decentralization and other distinctive technological properties.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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