Dogecoin, one of crypto’s most hyped meme-coins, was trading at $0.27, with a market capitalization of around $36 billion at the time of writing. It is currently the 7th largest crypto-token.
It is well-known that Tesla CEO, Elon Musk, has been a huge supporter of the coin. In continuing this support, he recently underlined the “importance” of the latest update on the token’s nodes.
Important
— Elon Musk (@elonmusk) August 30, 2021
So what is the importance of this update
This recent upgrade as posted on Github, is slated to reduce the “default fee requirement 1000x for transaction relay and 100x for mining.” As described on the Github page,
“This realizes the first part of a two-stage update to lower the fee recommendation. A follow up release will implement the lower fee recommendation, once the network has adapted to the relay defaults introduced with this version of Dogecoin Core.”
In addition to this, various bugs have been fixed and the performance of the network has been improved. Moreover, Musk has been actively participating in the discussions related to these developments.
This is an important improvement
— Elon Musk (@elonmusk) June 22, 2021
Notably, back in May, Musk shared his vision on how Doge parameters could be improved to make it a better form of payment in comparison to Bitcoin. He stated,
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
