HomeCryptoAltcoinElon Musk: the new Dogecoin proposal is "important to support"

Elon Musk: the new Dogecoin proposal is “important to support”

Elon Musk, who is always at the forefront when it comes to Dogecoin, tweets in support of DOGE’s new fee change proposal

Specifically, the new proposal presented on Sunday suggests reducing average fees by 100 times for standard transactions on the Dogecoin chain. 

Moreover, the proposal also calls for splitting full control over all aspects of fees between miners and node operators, with less reliance on the core, so as to bring back a functional (small) free transaction space that incentivizes keeping the network healthy.

These key points were presented by Dogecoin developer, Patrick Lodder, opening the document as follows:

“This document proposes a new fee structure and policy for Dogecoin Core, to be deployed gradually to the network over multiple versions of the software.”

This was followed by the sharing on Twitter by the software engineer and Dogecoin developer, Ross Nicoll, which received, among other comments, one from the infamous Tesla CEO, who was in favour and, indeed, a supporter

Elon Musk and Dogecoin: the love for crypto continues

Since the beginning of 2021, Elon Musk has been tweeting in favour of the meme crypto, acting as an influencer on its price

In fact, if at the beginning of the year his hints of interest in DOGE were all to be interpreted, since the beginning of May he has instead revealed himself, even proposing to accept payment for his Tesla cars in DOGE

Not only that, but that month, while the association seemed like a funny joke made by Musk on social media to stir up the crypto community, it actually seemed to be a reality after a few days. 

Musk said he was working with the Dogecoin developers to improve the efficiency of the transaction system, which he described as “potentially promising”

So, the tweet supporting the new proposal on the modification of DOGE’s fees is nothing but the confirmation that Elon Musk seems to be following, interested in and, why not, actively participating in the project. 

At the time of writing, the meme crypto DOGE is in the sixth position by market cap with a total market capitalization of $33.5 billion. Although DOGE’s price is now at $0.25, its dominance in the crypto market is 2.34%

This is perhaps an insult to historical crypto assets such as Litecoin (0.66%) and NEO (0.17%) which, to date, do not even reach 1% dominance in the crypto market.

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.