Dogecoin (DOGE) Fee-Reduction Upgrade Is Live, Price Remains Bullish
Dogecoin developers commented today that a new minor update dubbed Core 1.14.5, which aims to reduce the fee to all network participants, is live. With that being said, the recommended block fee would be set at 0.01 DOGE per KB in the core wallet.
Although the low fees support has been in place with Core 1.14.4, the upgrade could be meaningful because the forthcoming deployment will set it by default.
Musk Is Happy
In addition, one of the active voices endorsing the Dogecoin Project, Elon Musk, the eccentric billionaire and CEO of Tesla, called to reduce transaction fees in the meme coin.
#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. https://t.co/39RN3V6eeN
— Mishaboar (@mishaboar) November 8, 2021
After developers shouted at the update about the upgrade, Musk replied to the tweet with an “important” comment, endorsing the long-awaited support. Moreover, devs said that Core 1.14.5 would fix some bugs and apply unspecified improvements to the network.
That would be enough for Musk to pave his road to become the first Dogecoin trillionaire.
“Super important for Doge fees to drop to make things like buying movie tix viable,” Tesla’s CEO said in a tweet dated September 22, 2021.
DOGE To Rally Towards $0.32 Soon?
In terms of price action, DOGE keeps extending the rebound that it has been making from the 200-period simple moving average at the H4 chart. The meme coin didn’t manage to keep its bullish stance after briefly rallying at the end of October following the Shiba Inu’s take-profit massive move.
However, Dogecoin is consolidating above the 50-period simple moving average, maintaining alive the golden crossover with the 200 SMA across the board, around $0.27. If the price attempts a breakout above $0.30, eyes will be on the $0.34 handle due to the free room that it has to rise further.
On the flip side, once it pierces below the lows from November, the price will have a free fall towards the $0.23 level, which is below the 200 SMA, followed by the $0.22 zone in a second degree. The RSI indicator stays in the positive territory, favoring the ongoing bullish momentum.