Elon Musk Supports Dogecoin Upgrade

by in Cryptocurrency News

Elon Musk Dogecoin update

Tesla CEO Elon Musk reacted to a tweet of Dogecoin creator Billy Marcus (Shibetoshi Nakamoto), who said that the network needs updates regarding Nodes. According to him, this change will reduce transaction fees.

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Marcus created DOGE in 2013 with Jackson Palmer. However, he left the project in 2015, selling all his Dogecoin holdings.

Since Oct. 2020, Dogecoin's price went up by over 10.000%. The surge was mainly as a result of the coin's getting support from business magnate Elon Musk, who occasionally has mentioned it in his tweets and interviews.

Currently, Dogecoin is the 10th largest cryptocurrency by market cap, which stands at over $31 billion.

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Shibetoshi Nakamoto said that the Dogecoin network needs to update mining pools first. He expressed his views on how to upgrade the system in a series of tweets. In addition, Marcus published a meme, to which Musk replied with a laughing reaction. He also liked the tweet.