Elon Musk Says Dogecoin’s Recent Upgrade Is Important

Elon Musk Meme Effect: Trader Turned $10k into $1.03 Million in 3 Days

Elon Musk, the CEO of the popular electric car manufacturing company, Tesla, has aired his opinion on the recent upgrade to Dogecoin (DOGE) network.

Musk, in a new tweet, described the upgrade as an important move in the quest to improve the performance of the Dogecoin network.

The billionaire tech expert’s comment came shortly after the release of Dogecoin Core 1.14.5.

The release announcement read as follows:

“Dogecoin Core 1.14.5 is out! Users are recommended to update immediately due to important security fixes. 1.14.5 reduces the recommended fees, following the reduction of the relay fees in 1.14.4. You also get bug fixes and performance improvements.

“In other words, with this release, the wallet component of Dogecoin Core will send out transactions using the low fees by default (0.01 Doge per kb). Security fixes and performance improvements make this update a requirement for both node operators and wallet users.”

In response to the announcement, Elon Musk said the upgrade is important.

As earlier reported, the much-hyped upgrade finalizes fee reduction for all Dogecoin users.

Relay defaults were introduced in the previous minor version of the software, which was the first phase of the process. The goal was to prepare the network for the most recent upgrade.

During the second and final stage, the default fee rate of 0.01 DOGE has been set in the official Dogecoin wallet, and third-party wallet providers are likely to follow suit.

Musk, who recently said that he would become the first Dogecoin trillionaire, opined that the meme token would be able to win “hands down” against Bitcoin (BTC) with significant performance improvements.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over seven years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.