Dogecoin developers announce plans to implement lower transaction fees, Musk: Major update

Dogecoin developer Ross Nicol revealed on Twitter that he will be testing the code for reducing transaction fees on the Dogecoin testnet. He claimed that there were skeptics about it, so he will be live streaming the process. This move also prompted a response from Elon Musk, who considered it a significant improvement proposal.

Is Dogecoin Lowering Transaction Fees?

Dogecoin developer Ross Nicol will be live streaming on the Twitch platform at 2 AM Taiwan time on 6/24 to demonstrate the feasibility of his developed fee-reducing code.

This has caught the attention of Elon Musk, who had not tweeted about Dogecoin for a while.

This is an important improvement

— Elon Musk (@elonmusk) June 22, 2021

Elon Musk Focused on Optimizing Dogecoin

Previously, Musk mentioned on Twitter that he believes Dogecoin, with optimizations in block time, block size, and transaction fees, will easily surpass Bitcoin.

Ross Nicol, the developer who leaked information about Dogecoin earlier, pointed out in mid-May that since 2019, Musk has provided a lot of advice, shared his extensive network resources, and continuously encouraged them to improve Dogecoin's transaction throughput. However, the development team politely declined his offer of funding.

However, since Musk hosted "Saturday Night Live" on 5/9 and mentioned Dogecoin, the crypto market plummeted, with Dogecoin dropping more than 70%.