Dogecoin got a new dose of optimism from Elon Musk but there is still a significant level of sales pressure.Key Acknowledgements
- Leading Dogecoin and Elon Musk support Dogecoin's suggestion for improvement.
- The proposed amendment will lower from 1 DOGE to 0.01 DOGE the minimum transaction charge.
- The price of Doges increased 8% following the Twitter proposal's support from Musk.
Thanks to Elon Musk's tweet, Dogecoin won 8 percent Yesterday for a major fee reform proposal.
Elon Musk is showing Dogecoin support, Elon Musk, founder of Tesla and SpaceX, backed a proposal for Dogecoin to cut transaction rates by 100x.
Ross Nicoll, a core contributor to Dogecoin, posted Sunday a tweet relating to the idea to reduce fees. Musk said it was "essential to support," he said.
For transmitting a DOGE transaction the lower suggested limit is 1 DOGE. This will be lowered to 0.01 DOGE by Patrick Lodder, developer who proposed the idea.
Lodder suggested that changes "to reduce average 100x rates for the Dogecoin chain standard transactions, to divide full control over all fee aspects between miners and node operators, to rely less on core development and to return a (small) free transaction area that promotes the maintainance of a network."
The 1 DOGE restriction raises worries regarding the network's viability because this year's value of DOGE reached $0.74. As networks like Litecoin and Bitcoin Cash offered cheaper transactions, the increased transaction fees served as a bad feedback loop on their pricing.
Compared to this, Litecoin's maximum transaction cost was around $0.10. A modification to the relay costs, lower dust limit and default inclusion of 1 dOGE/kb is required in the proposal for a protocol upgrade of the package.
Once 30% of the nodes accept transactions with a minimum charge of 0.01 DOGE, the proposal indicates that a new default fee may be imposed.
Lodder advocated altering the design of the network by reducing the constraints of the relay network and returning control to nodes and miners. The proposal contains other ways of implementing the principles.
The price of Dogecoin retraced almost 50 percent of yesterday's income. It was at $0.25 on the last hand change. At now, the same currency is subject to resistance of $0.34 and horizontal resistance of $0.30 for the 50-day moving average. The support level is 0.19 dollars and the EMA is 0.16 dollars for a 200-day move.
The price of Dogecoin just decreased below $0.20, representing a devastation from the levels it achieved earlier this year. The price hike demonstrates that Musk is continuing to actively promote the crypt, but sales pressure is also substantial.
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Elon Musk said it was "important to support" a Dogecoin improvement proposal to reduce the minimum transaction fee.
Key Takeaways. Leading Dogecoin developers and Elon Musk are backing an improvement proposal for Dogecoin. The proposed change will ...
The proposed change will reduce the minimum transaction fee from 1 DOGE to 0.01 DOGE. Dogecoin's price jumped 8% after Musk backed the ...
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