Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Elon Musk Believes Reducing Doge Fees Will Boost Its Adoption
On 22nd September, Elon Musk tweeted that he wants Doge fees to fall. According to the billionaire, the costs need to drop to increase the crypto’s use in payment for retail services. Essentially, Elon played a significant part in Dogecoin in 2021, as he plans to use the coin in his company.
Elon Wants Doge to Reduce Fees
Musk noted that lowering the coin’s fees would help in the adoption of Doge in actual purchases. Elon’s Tweet Reads:
Super important for Doge fees to drop to make things like buying movie tix viable.
Doge needs to gain use as a currency. However, that will only be possible if the fees associated with Doge exchanges go on the low. Currently, the average transaction fee in Doge is about $0.495. A further reduction will genuinely enhance the growth of the coin.
In August, Dogecoin released an upgrade to its software that would encourage lower fees. The upgrade, Dogecoin Core 1.14.4, fixed some bugs but can also help in reducing costs. Doge Co-founder Billy Markus urged node operators to upgrade to the new version.
Payments for Movie Tickets
Elon’s Tweet was in response to another Shibetoshi Nakamoto, one of the co-creators of Doge. Although currently not involved in the project, Shibetoshi was excited about the recent developments in crypto. The tweet reads:
AMC CEO not only talking about accepting Dogecoin but saying it was the single most interacted with a tweet he has ever made, the crypto market finally seeing some green.
AMC Entertainment, an American movie chain, announced plans to accept BTC, BCH, LTC, and ETH to purchase tickets. According to Adam Aaron, the AMC CEO, they will start using those coins by the end of 2021.
After posting their plans to use the currencies above, Mr. Aaron made a poll on Doge. They wanted to know how much the Doge community would use the currency for purchasing movie tickets. The outcome was astonishing, according to AMC.
In merely 24 hours, Aaron’s tweet had over 4 million views and many retweets. Furthermore, over 140k people participated in the poll, with at least 77% saying Yes. Plans will be underway to see how to implement the addition of Doge.
Musk’s Dogecoin Interest
Elon has been showing a vast interest in the meme coin recently. His tweets drove the prices of the currency to surge fast. Elon can take credit for the current large Dogecoin community.
Musk is a member of the Dogecoin Foundation through his advisor. Elon has plans also to have Spacex accept Doge as a means of payment starting mid-2022. There were claims that Tesla could also adopt crypto as a payment currency in the future.