Elon Musk tweets his support over proposed Dogecoin changes

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Elon Musk, the at-times controversial SpaceX founder and stop-and-go crypto supporter, voiced his assist late Sunday for a set of main updates to the Dogecoin (DOGE) blockchain. The adjustments would drastically redesign the cryptocurrency’s software program structure and alter its token economics.

The widespread “joke crypto” seems to be gearing as much as turn into a severe utility coin after a large inflow of capitalization earlier this yr. It stays to be seen whether or not the updates Musk helps could be good or unhealthy for the coin’s holders ought to they be adopted.

In a Reddit thread Sunday, Dogecoin Core developer Patrick Lodder summarized the proposed updates:

“This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less on core development, and bring back a functional (small) free transaction space that incentivizes keeping the network healthy.”

Lower charges might entice extra customers trying to make use of Dogecoin for money checking, remittances, and service provider cost settlements on-line. It may decrease the inducement for miners to keep up, validate, replace, and safe the Doge blockchain.

Elon Musk instructed Dogecoin Core developer Ross Nicoll in a tweet Sunday evening that these adjustments are, “Important to support.”

Charles Hoskinson — who cofounded Ethereum with Vitalik Buterin, and based competing blockchain Cardano — mentioned in a latest podcast that he’s simply glad Musk is stirring the pot for Dogecoin, even when he’s simply goofing on it.

Hoskinson mentioned he hopes the eye will immediate “real developers” to come back in and “start working on doge to create some use and utility for it, so at least it has a value floor and won’t collapse.”

Dogecoin acquired a worth bump from Elon Musk’s tweet, rising from $0.242 (USD) to as excessive as $0.266 earlier than settling in underneath key resistance across the $0.260 degree at time of publication.

Musk’s skill to maneuver markets with the faucet of the tweet button led a former Bitrefill govt to joke, “Say something, Elon Musk!” final week with the DOGE worth down for six consecutive weeks. That was after peaking in May together with the remainder of the cryptocurrency market, although Dogecoin outshone most of its competitors in the course of the latest (and arguably ongoing) bull run.