The price of DOGE starts to rise again (+ 43.10% over 7 days). The prospect of lower transaction costs, supported by Elon Musk, is boosting purchases and prices.
All is not dark in the cryptocurrency landscape. Since the drop in values in mid-May, institutional investors and individuals seem to be adopting more caution in their investment strategies.
As CoinShares finds, institutions are also diversifying their purchases in favor of multi-asset products. Thus, when Ether and Bitcoin products accumulate weeks in the red, they progress against the tide.
Dogecoin wants to become a payment method like any other
The same goes for some tokens in the cryptocurrency market. In a crypto market that rose slightly by 2.7% on June 29, crypto-assets posted strong growth over the last 7 days.
This is the case for SHIB (+ 45.50%), Compound (+ 48.44%), CELO (+ 85%), but also Dogecoin price (+ 43.10% at 11:47 am on June 29). Given for dying, the DOGE is still hanging on, with a small increase of 2.26% over 24 hours.
The token can count on the activism of its developers and the usual, but less exuberant, support of Elon Musk. As they announced a week earlier, the creators of Dogecoin are promoting a major blockchain update.
Their idea is to drastically lower the cost of transactions in DOGE. The costs would thus be divided by 100, going from 1 DOGE to only 0.1. For the core developer of Dogecoin, Patrick Lodder, it is essential to support this initiative.
Elon Musk calls for support for update
“This proposal to all dogecoin stakeholders suggests reducing average fees for standard transactions on the dogecoin chain by 100x, sharing full control of all aspects of fees between miners and node operators, counting less on the development of the kernel, and to bring back a (small) functional free transaction space that encourages keeping the network healthy, ”he summarized on Reddit.
The developers of Dogecoin assume that a reduction in fees will promote the development of uses of cryptocurrency: remittances, payment for online purchases, etc. The aim therefore: to increase the overall volume of transactions.
Dogecoin shadow advisor since 2019, Elon Musk once again supports this approach. And no pun now. Laconically, the CEO of Tesla judges “ important to support »This initiative of the developers.
It remains to convince enough miners and node operators to allow the effective deployment of the update. Remember that fees are not the main source of income for minors. They receive 10,000 DOGE per block. As for the fees, they are 20 to 30 DOGE.