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Dogecoin got a price bump Monday out of another Elon Musk tweet, this point in support of a projected update.

Elon Musk, the at-times polemic SpaceX founder and stop-and-go crypto supporter, voiced his support late Sunday for a group of major updates to the Dogecoin (DOGE) blockchain. The changes would drastically design the cryptocurrency’s software package design and alter its token economic science.

The popular “joke crypto” seems to be gearing up to become a heavy utility coin after a vast inflow of capitalization earlier this year. It remains to be seen whether or not the updates Musk supports would be smart or unhealthy for the coin’s holders ought to be adopted.

In a Reddit thread Sunday, Dogecoin Core developer Saint Patrick Lodder summarized the projected updates:

“This proposal to any or all dogecoin stakeholders suggests to cut back average fees 100x for traditional transactions on the dogecoin chain, split full management over all aspects of fees between miners and node operators, believe less on core development, and convey back a practical (small) free transaction space that incentivizes keeping the network healthy.”

Lower fees could attract additional users wanting to use Dogecoin for money checking, remittances, and business payment settlements on-line. it should conjointly lower the inducement for miners to take care of, validate, update, and secure the Doge blockchain.

Elon Musk told Dogecoin Core developer Ross Nicoll in a tweet Sunday night that these alterations are, “Important to support.”

Charles Hoskinson —who co-founded Ethereum with Vitalik Buterin, and based competitive blockchain Cardano —recently said in a podcast that he’s simply thankful Musk is stirring the pot for Dogecoin, even once he’s simply goofing thereon.

Furthermore he also said that he hopes the eye can prompt “real developers” to return in and “start working on doge to form some use and utility for it, therefore a minimum of it’s a worth floor and will not collapse.”

Dogecoin got a worth bump from Elon Musk’s tweet, rising from $0.242 (USD) to as high as $0.266 before sinking in below key resistance around the $0.260 level at time of publication.

Musk’s ability to maneuver markets with the faucet of the tweet button caused a former Bitrefill govt to joke, “Say something, Elon Musk!” last week with the DOGE worth down for 6 consecutive weeks. That was once peaking in could beside the remainder of the cryptocurrency market, although Dogecoin outshone most of its competition throughout the recent (and arguably ongoing) pitched battle.