TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Dogecoin developers and Elon Musk back transaction fee reduction upgrade proposal

  • 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 developers and Elon Musk back transaction fee reduction upgrade proposal
Sarah TranSarah TranIndependent Analyst

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. 

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
Share:

Editor's Picks

XRP edges higher as bullish derivatives, EMA support underpin breakout prospects

XRP edges higher as bullish derivatives, EMA support underpin breakout prospects

Ripple (XRP) is grinding upward and getting closer to a short-term breakout above $1.40 on Tuesday. This uptick follows the remittance token's defense of support at $1.38, after a short-lived attempt to breach selling pressure at $1.50 last week.
Useless Price Forecast: USELESS poised for another breakout as Korea’s Upbit exchange announces listing

Useless Price Forecast: USELESS poised for another breakout as Korea’s Upbit exchange announces listing

Useless (USELESS) extends its upward trajectory, trading above $0.26 on Tuesday. The meme coin shows strong breakout potential after establishing firm support at $0.20, following an impressive 260% rally from lows near $0.15 on September 1 to a peak of approximately $0.32 last Saturday.
Bitcoin ETFs are still $1 billion shy of breaking even in 2026

Bitcoin ETFs are still $1 billion shy of breaking even in 2026

While investor demand for U.S.-listed spot Bitcoin exchange-traded funds (ETFs) has rebounded in recent weeks, net flows for the year remain firmly in the red. A spectacular August brought in a massive $3.52 billion in fresh capital, followed by a solid $770.15 million so far this month, according to data source SoSoValue.
Top Altcoins Price Forecast: Ripple, Cardano, Solana extend consolidation as bullish momentum fades

Top Altcoins Price Forecast: Ripple, Cardano, Solana extend consolidation as bullish momentum fades

Ripple (XRP), Cardano (ADA), and Solana (SOL) maintain a consolidative tone, struggling to sustain their upside momentum. The technical outlook for XRP, ADA, and SOL suggests downside risk as altcoins struggle to advance their August gains. Ripple trades around $1.40 at press time on Tuesday, holding a constructive bias above its 200-day Exponential Moving Average (EMA) at $1.3550.
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.