Dogecoin Rises as Elon Musk Supports Radical Upgrade Proposal To 'Joke' Bitcoin

Dogecoin price has shot up higher in the last 24 hours as it climbed 5% after Tesla Chief Elon Musk declared it is "important to support" a dogecoin upgrade proposal to significantly reduce the transaction fees of the "Joke" Bitcoin. Musk, who turned 50, previously supported the meme-based cryptocurrency in order to make "Dogecoin" the currency of Earth.

Birthday boy Elon Musk, who has apparently adopted the bitcoin rival "Dogecoin" as his pet project, has once again signaled his support for the "joke" crypto that is rapidly gaining momentum in the cryptocurrency world.

"This proposal to all Dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the Dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less on core development, and bring back a functional (small) free transaction space that incentivizes keeping the network healthy," Patrick Lodder, who got involved with the meme coin since 2014, posted on the Reddit platform detailing the upgrade proposal for Dogecoin fee policy change.

Dogecoin Cryptocurrency
Twitter / Dogecoin

The self-proclaimed techno king Musk's tweet about the meme-based cryptocurrency has led to sudden spikes in the token's price in the past few weeks, and that's what happened on Monday as well. Musk infamously withdrew his support from Bitcoin, a decentralized digital currency, has been advocating Dogecoin. Musk's tweets created a buzz on the internet after Tesla announced it would no longer make transactions with Bitcoin, leading to the downfall in the value of the cryptocurrency within minutes.

Dogecoin Fee Policy
Dogecoin Fee Policy Change Proposal Web Screen grab

The current price of one DOGE is $0.2583, which changed in the last few hours. One MDOGE is worth $258,309.6879. The total volume in the last 24 hours stood at $2,112,613,330 while the current CoinMarketCap Rank of Dogecoin stands #6.

Recently, Elon Must tweeted, "My Shiba Inu will be named Floki." Dogecoin spinoff token surged up to 16% within minutes after the Tesla chief tweeted about renaming "Shiba Inu". Twitter users flooded the comment section with jokes and memes of the cryptocurrency. One of the Twitter users said, "@elonmusk looooves to manipulate the crypto markets hahaha... The most influential and wealthy troll ever."

Is Dogecoin The Worst Cryptocurrency?

Among all the cryptocurrencies available in the market, Dogecoin is the worst, according to Katharine Wooller, who is the MD of crypto wealth platform Dacxi. The reason being worst is because it is a meme-based cryptocurrency and it doesn't depend on finance or business structure.

Also, the rise and fall of Dogecoin or any meme-based cryptocurrencies rely on celebrity endorsements, tweets and podcasts manipulating the crypto market and risking investors' money.