Elon Musk Once Again Signals His Support For A Proposal For the Meme Cryptocurrency

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The chief executive of Tesla, who has supposedly adopted the Dogecoin (DOGE), Elon Musk, has signaled his assistance for the meme cryptocurrency for another time. He has reportedly utilized social media platforms frequently to win the possible market investment in favor of his favorite coin.

The price of Dogecoin climbed high to 5% since the last day following the statement f Musk urging people to support the meme coin’s upgrade plan that would help in minimizing the price transaction fee of the coin significantly as a verbatim of what Musk had already spoken before as he wanted to assist Dogecoin in a way that it could turn into the prominent trading means of the Earth.

All the stakeholders of Dogecoin are suggested by this proposal to decrease the average fee implemented on the normal transactions done using the blockchain of the coin. The other significant recommendations presented by it include a usual transaction space that provides freedom to the consumers keeping the network in good condition and complete authority of the node operators and the miners over all the elements of the network. All the aforementioned statements were posted as the details, to the upgrade proposal thread of Reddit, by an efficient developer of Dogecoin who has been connected with the Doge currency since 2014.

The spike in the price of Dogecoin touched 11,000% above its position in the previous year. This high has assisted in increasing interest in halting crypto. Referring to this, Dogecoin was pronounced as the asset of the year during 2021 and 2022 by the CEO of FTX (an exchange of crypto) and a billionaire, Sam Bankman. Recently this month, Charles Hoskinson (the cofounder of Ethereum who created a competing blockchain named Cardano) admired the development of the meme coin and its supporter by expressing that he expects some well-maintained developers to initiate working on the coin after this much support contributed by Musk.

Tesla’s self-elected “techno king,” Elon Musk, was voted as the CEO of Dogecoin once on the Twitter Poll named as tongue-in-cheek. By doing so, he has distracted much of the Bitcoin (BTC) community as a result of his support for Dogecoin (DOGE). It is supposed by the BTC investors that one of the ravaging forces behind the damage to Bitcoin is the playful antics of Musk.


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