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Dogecoin Released New Fee Structure Proposal

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Dogecoin- Investors King

A proposal regarding a new fee structure and policy for Dogecoin (DOGE) Core has been released on GitHub, receiving the support of Elon Musk, who celebrates his 50th birthday on June 28, too.

Today, Ross Nicoll, Dogecoin’s lead maintainer, announced that “the Dogecoin fee change proposal is up,” and it seems to have already received Tesla chief’s support, as Musk commented: “Important to support.”

This is reminiscent of the exchange seen several days ago, when Nicoll tweeted about the fee reduction code, with Musk calling it “an important improvement.”

At press time, DOGE, ranked 6th by market capitalization, trades at USD 0.25 and is up by 4.35 percent in a day.

Dogecoin developer Patrick Lodder posted the 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.”

According to GitHub, these proposed changes are:

  • lower the minimal relay fee to DOGE 0.001
  • lower the dust limit to DOGE 0.01
  • lower the default fee rate to DOGE 0.01
  • set the default block inclusion fee rate to DOGE 0.01
  • bring back a functional free transaction space.

The GitHub document also states that the structure would be gradually deployed to the network over multiple software releases:

“The proposed changes […] bring the decision power towards which transactions to include back to miners instead of the relay network and increase configurability of all fee-related parameters, enhancing the sovereignty of each individual node operator and the community as a whole.”

And while many seem to support the development, Guardian Circle founder and author Mark Jeffrey tweeted that DOGE’s increased profile and value are “invit[ing]” attacks, and the more it succeeds, the probability rises that it will fail through an attack, and specifically a 51 percent attack – when a group of miners gains control of more than 50 percent of a network’s blockchain.

“Going out on a limb: Someone is going to 51 percent attack DOGE,” wrote Jeffrey. “Back of the napkin estimates say it would cost *only [USD] 8M* to overwhelm DOGE. As DOGE’s profile rises, someone WILL do it. This is where Bitcoin’s specific proof-of-work makes an enormous difference.”

Dogecoin

Dogecoin (DOGE) Rides Bitcoin Surge, Gains Over 10% in 24 Hours

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The cryptocurrency market is witnessing a resurgence of risk appetite as more investors jump on unconventional choices such as Dogecoin (DOGE), Shibacoin, Memeland, etc. 

In the past 24 hours alone, DOGE has surged by over 10% to $0.10 a coin for the first time since April following Bitcoin’s climb from $38,000 to $44,000.

This surge, coupled with the rising price, validates the upward trajectory of DOGE, signaling growing investor interest.

Funding rates on various exchanges have also experienced a substantial surge, hitting an annualized 50% or more.

These rates, reflecting a steep premium in perpetual futures relative to spot prices, indicate a prevalent bullish sentiment among investors.

It underscores their collective optimism, suggesting a belief that prices are poised for further upward momentum.

Joke cryptocurrencies like DOGE have historically exhibited high-beta characteristics, closely mirroring Bitcoin’s movements but often with greater intensity.

Investors are advised to exercise caution and monitor DOGE’s potential for extreme bullish action relative to Bitcoin, serving as a potential indicator of speculative exuberance typically observed in the latter stages of a widespread bullish trend.

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Elon Musk Slammed With Fresh Lawsuit by Investors, Accused of Insider Trading in Dogecoin

Tesla and Twitter CEO Elon Musk has been slammed with a fresh lawsuit by investors, accusing him of insider trading and manipulating the price of Dogecoin which cost them billions of dollars.

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Tesla and Twitter CEO Elon Musk has been slammed with a fresh lawsuit by investors, accusing him of insider trading and manipulating the price of Dogecoin which cost them billions of dollars.

In a filing on Wednesday in Manhattan federal court, Southern District of New York, U.S., investors stated that Musk engaged in a deliberate act of manipulation, which saw him pay influencers as well as other publicity stunts, with the intention to pump Dogecoin’s price at their expense.

Musk’s stunts include his public appearances, a reference to his 2021 appearance on NBC’s “Saturday Night Live” where he told viewers to invest in Dogecoin, and social media activities hyping the cryptocurrency. These stunts reportedly boosted Dogecoin’s price by 36,000% to $0.70+ in May 2021. Today, DOGE trades 90% down from that high. 

Part of the lawsuit filing reads, “Musk’s pretense that promotion of Dogecoin was just well-meaning fun, not meant to be taken seriously is not credible”.  A key part of the lawsuit is the presupposition that Dogecoin is an unregistered security under existing standards from the U.S. Securities and Exchange Commission. 

This amended complaint, which is investors’ third change since the lawsuit started last June, contains a fresh allegation that Musk sold dogecoin worth about $124 million after he switched Twitter’s logo to a Shiba Inu dog in April, that caused the token’s price to surge by 30%.

Specifically, the lawsuit claims to have tracked down a wallet address that allegedly belonged to Musk and became the largest single holder of Dogecoin by February 2021. The wallet is reported to have sold millions of dollars worth of Dogecoin at multiple times throughout April 2021.

These investors accuse Musk of deliberately driving up Dogecoin’s price to more than 36,000% over two years, and eventually letting it crash.

Meanwhile, in response to an earlier iteration of the lawsuit slammed by investors, Musk’s lawyers said his statements were too vague to be considered fraud and called the lawsuit a fantasy. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyers said at the time,

Recall that Dogecoin according to Musk was created as a joke and has no practical use case. In 2021, Musk said that his social media posts about meme cryptocurrency dogecoin are “just meant to be jokes” and his true allegiance lies elsewhere.

Musk had conceded in the Clubhouse interview that he doesn’t have a strong opinion about tokens outside of Bitcoin, the world’s dominant crypto.

Meanwhile, Investors King understands that the billionaire CEO’s favorite crypto was never clear, but had repeatedly appeared to endorse dogecoin launched in 2013 using the branding of a Shiba Inu dog from a then-popular internet meme to his millions of Twitter followers.

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Crypto Whale Scoops About $38 Million Worth of Dogecoin (DOGE) in Three Days

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Apparently preparing for the upcoming rally, a crypto whale has scooped about $38 million worth of Dogecoin (DOGE) over three days this week to become one of the richest DOGE addresses in the world.

Dogecoin is a dog meme cryptocurrency backed by Tesla owner and Twitter CEO, Elon Musk. 

As of the time of writing this report, Dogecoin is worth $0.087 with a market capitalization of more than $11.5 million, ranking as the 10th largest cryptocurrency. 

Dogecoin is down nearly 5% in the past day but still up more than 5% in the past week. It’s also up roughly 22% since the start of 2023, Binance platform reveals. 

According to BitInfoCharts, the whale now has a balance of more than 709.2 million Dogecoin worth more than $60 million, making it the 20th-largest DOGE wallet in the world. 

Investors King understands that positive social media sentiment has been surrounding dogecoin since Elon Musk posted a picture of a dog as the new Twitter CEO on his Twitter page. Within minutes, the post generated a lot of reactions from crypto enthusiasts. 

Musk tweeted a picture of his pet dog sitting on the company’s CEO’s chair, with the caption: “The new CEO of Twitter is amazing. So much better than that other guy!” he added.

Meanwhile, a Dogecoin wallet that has been inactive for almost two years has recently transferred a significant amount of DOGE to a new address, amounting to 326.4 million DOGE or roughly $28 million at the time of the transfer.

This transfer has caught the attention of the crypto community, with many speculating on the potential impact on DOGE’s price.

However, it is important to note that this is not the first time a large amount of DOGE has been moved around. In fact, earlier this year, a whale transferred 36.8 billion DOGE, which was worth around $1 billion at the time. Despite this large transfer, DOGE’s price remained relatively stable.

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