Elon Musk support to Dogecoin proposed update

Elon Musk, the founder of SpaceX and a supporter of Stop & Go Crypto, announced his support for major upgrades to Dogecoin (DOGE) blockchain late Sunday. The changes will significantly redesign the software architecture of cryptocurrency and further change its token economics.

The popular “meme crypto” looks set to become a serious utility currency after massive capitalization growth earlier this year. While from the coin holder’s perspective they would see the good and bad coming from the updates that Musk supports.

While in a Reddit Thread on Sunday, Dogecoin Core developer Patrick Lodder summed up specific updates:

“This proposal with all Dogecoin partners will reduce the average fee for standard transactions on the Dogecoin network by 100 times, give them full control over all aspects of fees between miners and node operators, and rely on core development to bring back the functional (small) free gene. ”

He also suggested that Low fees can attract more customers who want to use Dogecoin for online cash checks, payments, and merchant payment solutions. This reduces the incentive for miners to maintain, evaluate, update and preserve the dog blockchain.

Elon Musk said in a Sunday night tweet with Dogecoin core developer Ross Nicoll that “it is important to support these changes.”

The Co-founder of Ethereum with Vitalic Butter, Charles Hoskinson, who also founded the competing blockchain Cardano, said he was happy to move the musk pot for Dogecoin in a recent podcast.

Hoskinson further added “Start working on the doge to come up with“ real developers ”and“ create some use and benefit for it, so at least it has value and it won’t break.

With this news coming up Dogecoin received a rise in prices from Elon Musk’s tweet, which rose from $0.242 (USD) to $0.266, before resistance settled at around 0.260 at the time of publication.

This also  proves Musk’s ability to move markets by pressing the tweet button that made the former BitRefill executive say “Say something, Elon Musk!” DOGE prices fell for the sixth week in a row last week. Dogecoin surpassed its competition in the recent (and still ongoing) bullfight after reaching the rest of the cryptocurrency market in May.

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