Elon Musk is in the news again. This time, he is sticking up for the meme currency Dogecoin, and saying how much he supports a proposed upgrade that could potentially allow Doge transactions to become cheaper in the future.
Elon Musk Shows Support for Doge
There are probably a healthy number of people out there that really could give a hoot about anything Musk has to say at this point. The man has played so many games in the past two months and tweeted so much nonsense that the bitcoin price is but a fragment of what it was in April, and many people are not happy about the amount of influence he has over the space.
At the same time, it is relatively clear that the South African entrepreneur still holds a respectable position in the crypto arena. Whenever Musk says anything about crypto, something big seems to happen, and this time around is no exception. After he discussed Dogecoin and supported the proposed change to its infrastructure, the currency has experienced another major jump that saw its price spike more than five percent over the weekend.
Musk commented that it was extremely “important to support” the proposed switch for Dogecoin as this would allow it to become the “currency of the Earth.” Apparently, Musk would like everyone to use Dogecoin to purchase goods and services in the coming months and years.
Patrick Lodder – a Dogecoin core developer – posted the following details about the Dogecoin change on social media:
This proposal to all Dogecoin stakeholders suggests [that we] reduce average fees 100 times for standard transactions on the Dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less on core development, and bring back a functional (small) fee transaction space that incentivizes keeping the network healthy.
Dogecoin has come a long way in just the last few months alone. At one point, Dogecoin was worth less than one cent and was considered a joke in many ways. Even its founder has stated that the currency was created as a means of making fun of the crypto space and its supporters, and that he never intended for Doge to be taken seriously.
The Currency Keeps On Going
But with so much support in recent months from the likes of Elon Musk and other institutional players, the currency has moved itself out of the darkness and risen to become the fourth largest cryptocurrency by market cap. Its popularity is higher than ever, and its price rose as much as 11,000 percent by the time April 2021 arrived.
The currency has also earned attention from the likes of Sam Bankman-Fried, the chief executive of the FTX crypto exchange. In a recent interview, he named Dogecoin the “asset of the year” for both 2020 and its successor 2021.