Tesla CEO Elon Musk often backs his favorite cryptocurrency Dogecoin (DOGE).
The posts of a businessman periodically provoke a rise in the value of this altcoin.
That is exactly the situation we observe again at the beginning of this week.
Cryptocurrency capitalization increased by almost 5% per day to $ 33.496 billion. The coin secured sixth place in the ranking of the largest digital currencies.
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Elon Musk has expressed support for updating the Dogecoin network, which will increase its bandwidth and reduce operating costs.
In fact, with the help of such a fork, cryptocurrency developers will be able to reduce transaction fees by a factor of one hundred. Now the commission on the Dogecoin network is even higher than on Litecoin (LTC), which causes massive discontent among the ecosystem users.
DOGE holders periodically urge developers to step up work in this direction and accelerate blockchain updates to reduce the cost of sending funds.