The Tesla boss stated on Monday it was “essential to assist” the change, having beforehand referred to as for dogecoin to grow to be the foreign money of the web.
The proposal would cut back the typical price of a normal dogecoin transaction by round 100-times.
“Within the first six months of 2021, a number of new all-time excessive trade charges towards each USD and BTC have triggered the beneficial price of 1 DOGE to grow to be steep for the perceived worth of transacting dogecoin on-chain,” the proposal states.
“Since inception, the aim of dogecoin has been to be accessible to everybody, however with present trade charges, transacting DOGE is stored artificially greater than instated on bitcoin’s and litecoin’s chains, disregarding the price economies.”
Dogecoin’s meteoric worth rise this yr means it has gone from being 10-times cheaper than transacting litecoin, to five-times costlier.
The proposed modifications can be steadily deployed over a number of software program releases in the event that they obtain broad approval from the dogecoin neighborhood.
Software program developer Billy Markus, who co-founded dogecoin again in 2013 alongside fellow developer Jackson Palmer, responded to Mr Musk’s tweet with the hearth emoji.
Mr Markus just lately introduced that he had invested in dogecoin for the primary time in eight years, following a significant crash that took dogecoin’s worth from above $0.70 to beneath $0.20 between Could and June.
Dogecoin was again above $0.25 on the time of writing, having shot up by greater than 10 per cent after the proposed replace was first introduced on Sunday.