Tesla Inc (NASDAQ:TSLA) CEO Elon Musk described the traction that Dogecoin’s (CRYPTO: DOGE) 1.14.4 upgrade is gathering as “important.”
What Happened: Twitter user “Doge Whisperer” said that 205 computers are currently running the latest update of Dogecoin software. The user said that more nodes are needed to upgrade and new nodes are needed.
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“Once a higher % of new nodes are running a new update will be released, said the user — adding, “It helps secure the network & lower the transaction fees.”
Musk said that this was important.
— Elon Musk (@elonmusk) August 30, 2021
Dogecoin developers over the weekend made a similar appeal for wider adoption of the 1.14.4 Dogecoin Core update, saying it would help enable the “upcoming fee reduction and improve the synchronization speed.”
Why It Matters: In June, Musk had said that it was important to support the Dogecoin fee reduction. At the time, he was reacting to a proposal by DOGE developer Ross Nicoll.
DOGE co-creator Billy Markus noted this month that the adoption of the latest DOGE upgrade would not happen immediately. The 1.14.1 update is the first part of a two-stage update to lower the fee. It is in the follow-up release that fee lowering would be implemented.
At press time, the Dogecoin average transaction fee stands at 2.44 DOGE ($0.685), as per BitInfoCharts. The proposal advocates a default fee rate of 0.01 DOGE.
Price Action: DOGE traded 0.28% lower at $0.28 over 24 hours at press time.
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