Elon Musk Says 'Important' That Dogecoin Update Finds More Nodes In Preparation For Fee Reduction

Elon Musk Says 'Important' That Dogecoin Update Finds More Nodes In Preparation For Fee Reduction

Tesla Inc TSLA CEO Elon Musk said Dogecoin's DOGE/USD 1.14.4 upgrade receiving traction is “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.

See Also: How To Buy Dogecoin (DOGE)

“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.

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.

See Also: Dogecoin Refuses To Budge Even As Elon Musk Sends Out Tweets On Meme Coin's Network Upgrade

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.

Read Next: Bitcoin, Ethereum, Dogecoin Remain Muted But These Cryptos Are Striking Massive Gains Heading Into New Week

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