Gerry Palmers Tech 06.29.2021 00:Jun AM EDT

Dogecoin Price Gets Big Boost After Crypto Crash, Thanks to 'Important' Elon Musk Tweet

There's no stopping Elon Musk and his passionate support for Dogecoin.

The Tesla CEO again made Dogecoin value climb five percent in the last 24 hours after tweeting that it's "important to support" a Dogecoin upgrade that would result in lower transaction fees, which he said was part of his ultimate goal of making the meme-based coin "the currency of Earth," Forbes posted.

Dogecoin Price Jumps to $0.26 After Elon Musk Tweet

Dogecoin jumped to $0.266 from $0.242 before ending up under key resistance level of around $0.260 since Musk's tweet on Sunday. It came after weeks of freefall due to a cryptocurrency crash, Coin Telegraph reported.

Musk's remarks came as a response to a proposal by Dogecoin developer Patrick Lodder to decrease fees to 0.01 DOGE for the cryptocurrency to stay competitive, Yahoo! Finance noted. A recommendation of a 1 DOGE transaction fee, Lodder said on GitHub, is "steep for the perceived value of transacting Dogecoin" and has been "disincentivizing on-chain transactions unnecessarily." Lodder said that DOGE transactions used to be 10 times cheaper than litecoin, but is now five times more expensive.

Lodder's proposal was posted on Twitter by Dogecoin supporter Ross Nicoll, whose tweet caught the attention of Musk. The business execc responded with the tweet "Important to support."

Lodder further emphasized on a Reddit thread that the proposal aims to "reduce average fees 100 percent for standard transactions on the Dogecoin chain," divide control of "all aspects of fees between miners and node operators," depend less on core development, and re-enable a "functional (small) free transaction space that incentivizes keeping the network healthy."

Musk recently boosted Dogecoin value as well. He first responded with clinking beer glasses to a tweet by Dogecoin founder Billy Markus, saying that "$DOGE is at its best when it's funny." Markus also said that people getting serious about the meme coin ruins the charm of it before declaring that they should "keep $DOGE fun and absurd."

Musk further tweeted "#gravitas" to respond to a meme about Dogecoin that further thrilled fans of the "joke" currency.

Elon Musk, Jackl Dorsey in Amusing Exchange That Led to 20-percent Rise

What eventually led to a 20-percent uptick were Elon Musk's tweets apparently trolling Bitcoin bulls, including Twitter CEO Jack Dorsey. Yet after the amusing exchange, Musk accepted Dorsey's invitation to a "conversation" in the planned "B Word" online event supporting wider acceptance of the Bitcoin cryptocurrency.

Such an impact on Dogecoin prices proves Musk's strong influence in cryptocurrency prices. Musk's tweet in May about a collaboration with Dogecoin developers on improving "system transaction delivery" led to a 30 percent rise in the meme coin's value.

He also challenged Bitcoin supporters to a "new space race" about placing the first literal cryptocurrency on the moon.

Musk, who is also CEO of SpaceX, revealed plans in April of bringing a "literal Dogecoin in the literal moon." Crypto exchange Bitmex responded, saying that it has nothing against "dog money" but it is seriously working with space robotics company Astrobotic Technology on placing a physical Bitcoin on the Moon later this year. Musk reacted by tweeting, "A new space race has begun."