Elon Musk Helps New Dogecoin Update Efforts: 'Important'

Tech tycoon and most notable Dogecoin DOGE/USD fan Elon Musk endorsed the efforts to improve the cryptocurrency's network.

What Happened: Tesla's TSLA Musk replied to a tweet that provides instructions on how to ensure that the Dogecoin network fees are lowered by adopting the latest node software update, underlying its importance.

According to the tweet that the tech tycoon brought attention to, only 205 computers were already running the newest update, and there is a need for more nodes to update their software and new nodes to be deployed.

Once a higher percentage of the network's nodes and new nodes run the new software version, the update will become effective.

Why It's Important: The update will purportedly improve the network's security and significantly lower its transaction fees.

According to the tweet, the update "will allow DOGE to be circulated at a fraction of the current fee."

The post also urges readers to run their own nodes, noting that it "can be as simple as going to dogecoin.com and downloading the software on an old laptop."

Price Action: According to CoinMarketCap data, Dogecoin is trading at $0.2734 at press time after gaining 1.52% over the last 24 hours.