Elon Musk has further reiterated his support of the much-beloved meme coin following the introduction of a proposal that aims to significantly reduce transaction fees of Dogecoin.
Patrick Lodder, a Dogecoin developer that has supported Dogecoin since its inception, posted the proposal on Github on Sunday. The proposal was posted to Twitter by Ross Nicoll, another Dogecoin contributor and caught the attention of Musk, who replied to the tweet “Important to support”
Important to support
— Elon Musk (@elonmusk) June 28, 2021
On the Reddit thread, Lodder gave a summary of what the proposal entails — “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 incentivises keeping the network healthy.”
Although created in 2013, Dogecoin has seen little development since then, with the last major upgrade to Dogecoin in June 2019. However, due to Dogecoins recent surge in popularity, price and potential use-cases, the impetus is now on the development team to deliver a working product that can handle the increased attention.
Musk, who was voted the “CEO of Dogecoin” in a satirical Twitter poll, has been a long-time fan of Dogecoin and a supporter of its “meme” status, often posting Dogecoin related memes to his Twitter account. Although a proponent of Dogecoin, Musk did mention in an interview that his support is to be taken lightly and not too seriously, saying “Occasionally I make jokes about dogecoin, but they are really meant to be jokes.”
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
Despite this, he revealed back in April that SpaceX is going to put a “literal Dogecoin on the literal moon” and has since contributed to the community in a more “serious” manner through his support for the development of Dogecoin.
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
His first show of support for Dogecoin development examined what Musk thought was needed to make Dogecoin “become currency of Earth”, mentioning block sizes and outlining something similar to what the latest Dogecoin proposal aims to do.
— Elon Musk (@elonmusk) May 24, 2021
Later that month, Elon Musk then tweeted asking his followers to submit ideas to the Dogecoin Github, which could have signalled that his latest round of support towards Dogecoin has proved fruitful and led to a resurgence of interest in improving the capabilities of Dogecoin.
Musk has also been confirmed to appear at the upcoming Bitcoin-focused initiative dubbed “The B word”. Jack Dorsey, a co-host at the event, recently engaged with Musk on Twitter about debating Bitcoin at the event and invited him to appear, to which Musk replied positively. Since then, a spokesperson for the event has now confirmed that the conversation between Musk and Dorsey will take place.
It’s unclear whether Dogecoin will be mentioned in the interview due to the nature of the event. However, the discussion between the two is highly anticipated following their opposite views towards Bitcoin and the industry. Dorsey has shown a recent bullish stance towards Bitcoin and crypto, whilst Musk has been critical of environmental factors and the Bitcoin community.
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