There are several things you can do to speed up your website. First thing you need to do is consider adding a caching plugin to WordPress. We use and recommend W3 Total Cache plugin. Another thing you can do is use a Content Delivery Network provider.
You should also consider using a better web hosting provider. Shared hosts are usually slower. If you are receiving a lot of traffic, then you should consider moving to a VPS or a Dedicated server.
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