Tesla CEO Elon Musk has extended support for a new Dogecoin proposal that seeks to amend the currency’s fee policy. As per the proposal, the network will gradually implement “a new fee structure and policy for Dogecoin Core’ over multiple updates to the software. Elon Musk In Favor of New Dogecoin Proposal Dogecoin developer Patrick Lodder submitted a new proposal to amend Dogecoin’s existing fee structure on Monday. In a Reddit post, Lodder explained that the proposal was seeking a fee reduction on transactions among other changes. He wrote, “This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the Dogecoin chain, split full 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.” Ross Nicoll, a software engineer, and Dogecoin developer tweeted the details of the fee change proposal. Shortly after, Musk responded to this tweet by writing, “Important to support.” Notably, Musk had been in talks with developers of the dog-themed token since May. At the time, he tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.” DOGE Sees Uptick in Prices After Musk Supports New Proposal The prices of original meme-currency recorded a slight uptick after Elon Musk showed support for its latest fee change proposal. As of yesterday, DOGE traded above $0.26 for some time, before a minor correction placed it at $0.256. The currency has recorded a 5% gain since the news of the proposal became public. Dogecoin fee structure has undergone significant changes since its meteoric rise. The meme token’s transactions are almost five times more expensive than Litecoin’s transactions. As accessibility remains the core focus of the Doge community, it becomes necessary to address factors that artificially inflate its transaction costs. For his part, Musk has invited developers to pitch in their ideas to improve Dogecoin on Github, a code hosting service for developers and software companies. While suggesting an improvement to the network he tweeted in May, “Ideally, doge speeds up block time 10X, increases block size 10X and drops fee 100X. Then it wins hands down.”
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