Elon Musk Okays Upcoming Moderations to Dogecoin

Elon Musk Okays Upcoming Moderations to Dogecoin

After Elon Musk’s tweet on Monday concerning Dogecoin, the currency took a firm direction upwards on the chart.

Elon Musk, on Sunday night, agreed that the Dogecoin blockchain should have some moderations. The aim of the changes would be to give the coin a new design and to change its economics.

Dogecoin, though scornfully despised in the past, is now becoming more important than its seniors. The coin’s continuous improvement can be linked to its increase in capitalization early this year. If the changes which have been accepted by Musk should be effected, no one is sure yet how it will affect the currency’s acceptance.

The supposed changes were briefly announced by Patrick Lodder as follows:
“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.”

The effect of lower fees has its pros and cons. Obviously, users will love it and the demand will therefore rise but miners may drop in number because their incentives will reduce. On hearing the proposed development, Musk tweeted on Monday that it was necessary to give consent to the changes.

Charles Hoskinson who is famous for his role in bringing forth Ethereum and Cardano has acknowledged Musk’s role in promoting the course of Dogecoin even though he may not be serious with it.

Charles wants the popularity Musk is giving to the coin to attract those who really have something to offer towards the growth of the digital currency. He believes this is expedient for Doge’s longevity.

The effect of the billionaire’s tweet on Doge was massive on its price as it surged from $0.242 to $0.266. It met some resistance and it now dwells in the $0.26 zone at the time of writing.


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