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'Dogecoin Is Sick,' DOGE Foundation Rep Explains Why

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Wed, 7/02/2024 - 11:30
'Dogecoin Is Sick,' DOGE Foundation Rep Explains Why
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DOGE developer and member of the Dogecoin Foundation Timothy Stebbing has published a tweet stating that Dogecoin is in big trouble.

DOGE developers on the foundation’s board and core developers are currently having a brainstorming session seeking a solution as to how to protect the Dogecoin network.

"Dogecoin is currently sick," here's the issue

According to the tweet, a number of crypto exchanges have contacted the Dogecoin Foundation to say that the original meme cryptocurrency is “jammed/unresponsive.” No particular exchanges were named. Stebbing admitted that there is a major issue of inscriptions that have been clogging the Dogecoin network, so now all the developers and the board members are wracking their brains to generate ideas as to how to solve this problem in any way, “from friendly to extreme.”

Responding to a commentator, who suggested discussing the issue together as a community, Timothy Stebbing agreed that a discussion is necessary since Dogecoin is a decentralized project. The issue of Dogecoin becoming jammed is that the blockchain is used for making Doginals (inscriptions) on the layer-1 blockchain. Stebbing suggested that “data needs to be moved off-chain at the protocol level,” and the DOGE layer-1 network should be used “for validation, not storage.”

DOGE transactions spike, but there's a catch

As reported earlier, this issue has already been brought up by Dogecoin contributor @Tdogewhisperer. Several days ago, he pointed out that Dogecoin had seen a new peak in transactions, reaching 1.9 million within 24 hours.

However, he clarified that those transactions were not about moving and verifying funds but about making inscriptions on the Dogecoin chain. The contributor emphasized that those inscriptions have no actual value or use case.

Some within the Dogecoin community believe these inscriptions to be something similar to NFTs, while some view them as bloatware/spam.

Related

100 million DOGE moved to Robinhood

Earlier today, the prominent cryptocurrency tracker Whale Alert shared the details of a large crypto transfer as a whopping 100 million Dogecoin were sent to Robinhood.

The transaction worth $7,836,678 was initiated by an anonymous blockchain wallet, per the aforementioned source.

This substantial amount of Dogecoin was sent to Robinhood as the DOGE price has lost 2.56% of its value since Monday. However, today it has made an attempt to recover and added 1.04%.

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