Elon Musk tweets his support over proposed Dogecoin changes

Elon Musk tweets his support over proposed Dogecoin changes

Dogecoin got a price bump Monday out of another Elon Musk tweet, this time in support of a proposed update.

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

The popular “joke crypto” appears to be gearing up to become a serious utility coin after a massive influx of capitalization earlier this year. It remains to be seen whether the updates Musk supports would be good or bad for the coin’s holders should 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 fees may attract more users looking to use Dogecoin for cash checking, remittances, and merchant payment settlements online. It may also lower the incentive for miners to maintain, validate, update, and secure the Doge blockchain.

Elon Musk told Dogecoin Core developer Ross Nicoll in a tweet Sunday night that these changes are, “Important to support.”

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

Hoskinson said he hopes the attention will prompt “real developers” to come 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 got a price bump from Elon Musk’s tweet, rising from $0.242 (USD) to as high as $0.266 before settling in under key resistance around the $0.260 level at time of publication.

Musk’s ability to move markets with the tap of the tweet button led a former Bitrefill executive to joke, “Say something, Elon Musk!” last week with the DOGE price down for six consecutive weeks. That was after peaking in May along with the rest of the cryptocurrency market, though Dogecoin outshone most of its competition during the recent (and arguably ongoing) bull run.

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • Binance coin
  • Dogecoin
Scan to Donate Bitcoin to 194astnfvj2nr6izGJFwG9ebRqNU7ynQYY

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Cardano to DdzFFzCqrhsu1xWeeGai3gbgsbrFP26zPaVrCJqqF286carQJmAkTitRQSUCLhYLpKCotroRRNpKj7YcnAJQqpSfsHHdj8nUaitPvH4j

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Polkadot to 155rGKVEanCxpi5EqGh8yh1AkGpm6bVUa7RQNydA38KzbhNu

Donate Polkadot to this address

Scan the QR code or copy the address below into your wallet to send some Polkadot

Scan to Donate Binance coin to bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

Donate Binance coin to this address

Scan the QR code or copy the address below into your wallet to send some Binance coin

Tag/Note:- 105346725
Scan to Donate Dogecoin to DKN9sscVgSBVyG7f9PYJq2D3BhWK5ffUmK

Donate Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin


Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com