Dogecoin surges AGAIN after Elon Musk supports ‘important’ change to slash crypto transaction fees by 100 times
THE price of Dogecoin has surged once more after Elon Musk backed new moves to massively slash its transaction fees.
The mega-rich Tesla boss said it was “important to support” the plan after previously calling for Dogecoin to become the crypto currency of the internet.
The proposal also won the support of Dogecoin co-creator Billy Markus, who goes by the handle Shibetoshi Nakamoto on Twitter.
He reminded the crypto cash community that he set the fee model to “1 DOGE in 2013 after a spam attack” and that “it would be cool to see it get reduced eight years later!”
Dogecoin has seen wild price swings this year.
It initially surged in January, jumping by a staggering 972% from $0.007 (less than 1p) the day before.
That was off the back of a bunch of Reddit threads calling for it to hit a value of $1 per coin.
The target was an attempt to mirror a share surge in heavily shorted companies like GameStop.
On May 4, the coin reached its highest value yet of $0.4854, after enjoying public backing from Musk on Twitter.
In April, the billionaire named himself the ‘Dogefather’ ahead of his appearance on SNL.
Jackson Palmer, an Australian marketer, made a joke about combining cryptocurrency and the Doge meme in 2013, but that joke has taken on a life of its own.
Dogecoin is simply a with a picture of dog on it.
That dog is the subject of an internet meme of a Shibe with an “inner monologue” featuring phrases like "so scare," "much noble," and "wow."
In January, Musk noted that his posts about Dogecoin are "just meant to be jokes".
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But they clearly have a real impact on the value of the cryptocurrency.
In response to his Dogefather tweet, several people replied with various memes of Musk with “Doge” and with phrases like “Dogerise” and “Doge taking over the world!”