'Important': Elon Musk Endorses New Dogecoin Fee Reduction Update

Tesla Inc TSLA CEO Elon Musk has called attention to another Dogecoin DOGE/USD update he regards as important.

What Happened: Dogecoin Core 1.14.5 was released on Monday featuring important security updates and changes to network policies, including a reduction to the recommended fees.

Dogecoin’s most influential supporter, Elon Musk, took to Twitter to express his opinion shortly after the release.

Important

— Elon Musk (@elonmusk) November 8, 2021

“This release finalizes a new minimum fee recommendation for all participants on the Dogecoin network, following the reduction of relay and mining defaults in 1.14.4,” stated Dogecoin developer Ross Nicoll on Github.

Essentially, the update will enable the wallet component of Dogecoin to send out transactions using low fees by default. The minimum default fee will be set to 0.01 DOGE per kilobyte.

In order for the update to fully take effect on the network, all Dogecoin core users, miners and node operators will be required to upgrade to the new release.

Earlier this year, Musk tweeted he believed it was “super important for Doge fees to drop” in order to make it viable to buy things like movie tickets.

Major theatre chain AMC Entertainment Holdings Inc AMC has already begun accepting DOGE as payment for its digital gift cards.

DOGE Price Action: As of Monday afternoon at publication, DOGE was trading at $0.2781 after gaining 4.71% in the last 24 hours. Daily trading volume was up 242.69% over the same period and exceeded $3.9 billion.

Photo by Old Money on Unsplash