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December 5, 2022
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Elon Musk: It is “important to support” Dogecoin’s new proposal

Elon Musk, who is always at the forefront when it comes to Dogecoin, tweets in support of DOGE’s new fee change proposal.

Specifically, the new proposal presented on Sunday suggests reducing the average fees by 100 times for standard transactions in the Dogecoin chain.

In addition, the proposal also requires the sharing of full control over all aspects of fees between the miners and our operators, with less reliance on the core, in order to bring back a (small) functional free transaction space that encourages maintaining the healthy network.

These key points were presented by Dogecoin developer Patrick Lodder, opening the document as follows:

“This document proposes a new fee structure and policy for Dogecoin Core, to be gradually rolled out across the network in various versions of the software.”

This was followed by a Twitter share by software engineer and developer of Dogecoin, Ross Nicoll, who received, among other comments, one from the infamous Tesla CEO, who was both in favor and, in fact, a supporter.

Elon Musk and Dogecoin: the love of cryptocurrency continues

Since early 2021, Elon Musk has tweeted in favor of the cryptocurrency meme, acting as an influencer of its price.

In fact, if at the beginning of the year his signs of interest in DOGE were all interpreted, from the beginning of May he revealed himself, even proposing to accept payment for his Tesla cars at DOGE.

Not only that, but that month, although the association seemed like a funny joke made by Musk on social media to stir up the crypto community, it became a reality after a few days.

Musk said who was working with Dogecoin developers to improve the efficiency of the transaction system, which he described as “potentially promising”.

So the tweet supporting the new DOGE fee modification proposal is nothing more than confirmation that Elon Musk appears to be following, interested and, why not, actively participating in the project.

As of this writing, DOGE was ranked sixth by market value, with a total market capitalization of $33.5 billion. Although DOGE’s price is now at 25 cents, its dominance in the crypto market is 2.34%.

This is perhaps an insult to historical crypto-assets such as Litecoin (0.66%) and NEO (0.17%) which, so far, have not achieved even 1% of dominance in the crypto market.

Source: cryptonomist

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