Elon Musk to Support the Proposal to Update the Dogecoin Network

The project developers 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 the altcoin beat Bitcoin.

Tesla and SpaceX CEO Elon Musk supported the proposal to update the Dogecoin network. It states 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.

In the last 24 hours, the price of Dogecoin has grown by 5%, to current levels of about $0,25. The cost of the cryptocurrency rises against the background of the rise in the Bitcoin price, 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 significant changes are made to the altcoin network. The billionaire also said that he was 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, Elon Musk’s proposals will deprive the asset of decentralization and other distinctive technological properties.

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