A fee change proposal for Dogecoin (DOGE) has been presented and Tesla CEO Elon Musk states that it is “important to support” it.
“This document proposes a new fee structure and policy for Dogecoin Core, to be gradually deployed to the network over multiple software releases,” told the DOGE developer who presented the proposal.
Elon Musk Signals Support for Dogecoin Fee Change Proposal
Billionaire magnate and Tesla CEO Elon Musk have indicated his endorsement for the Dogecoin fee policy change proposal submitted last Sunday. Software engineer and the altcoin’s developer Ross Nicoll tweeted that “The Dogecoin fee change proposal is up.”
Musk responded to his tweet: “Important to support.” Doge developer Patrick Lodder submitted the altcoin’s fee policy change proposal. His proposal states,
“This document proposes a new fee structure and policy for Dogecoin Core, to be gradually deployed to the network over multiple software releases.”
He revealed on Reddit:
TLDR; This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the Dogecoin chain, split complete 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.
Musk started addressing improving DOGE back in May. He tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.”
Musk requested everyone to develop Doge further to submit ideas on Github and the Doge Reddit forum. He tweeted in May:
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
You can find the Dogecoin fee change proposal here.
Dogecoin (DOGE) fell by 2.87% on Monday. Partially reversing a 7.69% rally from Sunday, Doge ended the day at $0.2571
Looking at the Technical Indicators
First Major Support Level: $0.2492
Pivot Level: $0.2583
First Major Resistance Level: $0.2661
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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