• Dogecoin developers are rolling out a new improvement that would reduce fees by 90%.
  • Elon Musk, who has been working with DOGE developers since 2019, says it would be an important improvement.
  • The proposal would need to win community support and from Dogecoin miners and node operators. 

Dogecoin core developers have been working on an important improvement for the network. Tesla CEO Elon Musk stated that the new fee reduction code is an important improvement for the meme-based blockchain. 

Dogecoin developers to persuade miners and community

Dogecoin developers and Elon Musk are pushing an upgrade proposal to reduce transaction fees from 1 DOGE to 0.1 DOGE, making it a more cost-effective payment method. 

In order for the upgrade to be approved and the fee reduction to come into effect, the proposal must be able to win community support, including from Dogecoin miners and node operators. 

Further down the road, Dogecoin developers and Musk are planning to introduce even lower fees of 0.01 DOGE. 

While the SpaceX CEO has been deemed “Dogecoin CEO” since 2019, Musk has been advising the developers behind Dogecoin since then. 

Musk has encouraged the team behind the meme-based cryptocurrency to improve higher transaction throughput and also provided plenty of advice and input, according to Dogecoin developer Ross Nicoll. 

Although Musk offered to fund Dogecoin development, the team turned down the offer. In mid-May, the Tesla CEO tweeted that he was working with Dogecoin developers while deciding to halt accepting Bitcoin as payment at his electric vehicle company. 

Dogecoin's core developer who introduced the fee reduction, Michi Lumin, revealed that the community had plans to lower fees even before Musk got behind the upgrade. The billionaire entrepreneur believes that this key objective is “an important improvement.” 

DOGE has seen a substantial price increase over the past few months, making it unsustainable for smaller purchases of the meme-based token. 

Going forward, Dogecoin developers and Musk must persuade the community to accept their proposal. Individual node operators and miners would have the ultimate choice of whether they would like to introduce the upcoming release. 

Miners must be convinced that they will benefit from a lower fee, and at least two-thirds of the network must adopt the upgrade. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP