In a recent tweet, a Dogecoin (CRYPTO: DOGE) developer, Doge Whisperer mentioned the importance of the 1.14.4 Dogecoin upgrade, referring to a two-week-old tweet of Tesla Inc TSLA-2.46%+ Free Alerts CEO Elon Musk.
Musk said it is ‘important’ to update the Dogecoin nodes, replying to Doge Whisperer’s tweet on the Doge upgrades. Musk’s tweet indicates that the upgrade in Dogecoin nodes is a key step to getting optimum growth while improving the blockchain’s software security.
What Happened: In the September 11th tweet, Doge Whisperer said, “Elon Musk told me it’s important we upgrade our #dogecoin nodes. This will help secure the network and lower transaction fees. Currently, we are at 763 nodes and are making good progress. If you have an old node, upgrade to the newest version. The more new nodes, the better!”
In June, Musk had said that it was important to support the Dogecoin fee reduction. At the time, he was reacting to a proposal by DOGE developer Ross Nicoll.
According to the block explorer, Blockchair, Dogecoin only has around 1,090 nodes worldwide. Tom Bustamante, the Founder, and CEO of DogeLabs, commented, “Contributing nodes to the Doge network provides for faster transactions and more stable blockchain.”
Why It’s Important: In August, Doge co-creator Billy Markus noted that the adoption of the latest DOGE upgrade would not happen immediately. The 1.14.1 update is the first part of a two-stage update to lower the fee. It is in the follow-up release that fee lowering would be implemented.
The 1.14.4 Dogecoin upgrade is intended to reduce transaction fees for Doge significantly. The low transaction costs should lead to more and more companies adopting and integrating the meme cryptocurrency.
According to Bitinfocharts, the average Dogecoin fees are $0.589. At the end of August, doge fees were $1.332, but transaction costs peaked at $2.52 in mid-2021.
On September 7, the Dogecoin price dipped below $0.30, hitting as low as $0.22, along with Bitcoin dropping below the $50,000 mark. The last time Doge was seen at this price was in early August.