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{"id":11274,"date":"2021-11-18T06:18:56","date_gmt":"2021-11-18T06:18:56","guid":{"rendered":"https:\/\/cryptocurrencypanther.com\/2021\/11\/18\/dogecoin-price-surges-after-elon-musk-supports-important-update\/"},"modified":"2021-11-18T06:18:56","modified_gmt":"2021-11-18T06:18:56","slug":"dogecoin-price-surges-after-elon-musk-supports-important-update","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2021\/11\/18\/dogecoin-price-surges-after-elon-musk-supports-important-update\/","title":{"rendered":"Dogecoin price surges after Elon Musk supports \u2018important\u2019 update"},"content":{"rendered":"


\n<\/p>\n

\n

The price of dogecoin<\/a> is on the rise once again after a proposed update to the way transactions take place on the cryptocurrency<\/a>\u2019s network received the approval of Elon Musk.<\/p>\n

The Tesla boss said on Monday it was \u201cimportant to support\u201d the change, having previously called for dogecoin to become the currency of the internet.<\/p>\n

>> Follow all the latest updates with <\/strong>The Independent<\/em><\/strong>\u2019s live coverage of the crypto market<\/strong><\/a><\/p>\n

The proposal would reduce the average fee of a standard dogecoin transaction by around 100-times.<\/p>\n

\u201cIn the first six months of 2021, multiple new all-time high exchange rates against both USD and BTC have caused the recommended fee of 1 DOGE to become steep for the perceived value of transacting dogecoin on-chain,\u201d the proposal<\/a> states.<\/p>\n

\u201cSince inception, the goal of dogecoin has been to be accessible to everyone, but with current exchange rates, transacting DOGE is kept artificially higher than instated on bitcoin\u2019s and litecoin\u2019s chains, disregarding the fee economies.\u201d<\/p>\n

Dogecoin\u2019s meteoric price rise this year means it has gone from being 10-times cheaper than transacting litecoin, to five-times more expensive.<\/p>\n

The proposed changes would be gradually deployed over multiple software releases if they receive broad approval from the dogecoin community.<\/p>\n

Software developer Billy Markus, who co-founded dogecoin back in 2013 alongside fellow developer Jackson Palmer, responded to Mr Musk\u2019s tweet with the fire emoji.<\/p>\n

Mr Markus recently announced that he had invested in dogecoin for the first time in eight years, following a major crash that took dogecoin\u2019s value from above $0.70 to below $0.20 between May and June.<\/p>\n

Dogecoin was back above $0.25 at the time of writing, having shot up by more than 10 per cent after the proposed update was first announced on Sunday.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of dogecoin is on the rise once again after a proposed update to the way transactions take place on the cryptocurrency\u2019s network received the approval of Elon Musk. The Tesla boss said on Monday it was \u201cimportant to support\u201d the change, having previously called for dogecoin to become the currency of the internet. […]<\/p>\n","protected":false},"author":1,"featured_media":11275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[81,126,914,97,124,2616,188,426],"class_list":{"0":"post-11274","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dogecoin","8":"tag-dogecoin","9":"tag-elon","10":"tag-important","11":"tag-musk","12":"tag-price","13":"tag-supports","14":"tag-surges","15":"tag-update"},"_links":{"self":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/11274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/comments?post=11274"}],"version-history":[{"count":0,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/11274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media\/11275"}],"wp:attachment":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media?parent=11274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/categories?post=11274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/tags?post=11274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}