Dogecoin needs immediate attention! Timothy Stebbing, a DOGE developer, has notified the community that the meme coin is currently in a state of crisis, with inscriptions wreaking havoc on the network. Making no qualms, he stated unequivocally, “Doge is currently sick. We’re being contacted by several exchanges saying Dogecoin is jammed, unresponsive, etc.” Several developers from the core and functional teams are exploring a multitude of options encompassing friendly to even extreme measures to protect the currency-first DOGE network, he wrote.
Stebbing says he is not a gatekeeper and that Dogecoin is a decentralized initiative, refusing to give in to community pressure and urging a community conversation instead. He expresses doubt about initiatives like Dogechain and Doglabs [doginals], saying that it would be a major problem if these contributed to DOGE’s demise as a currency. The developer proposed that Dogecoin L1 should be used for validation rather than storage and that data should eventually be relocated off-chain at the protocol level.
Community members have come up with interesting perspectives on the issue. Some propose implementing premium fees for inscriptions on the chain, while others question whether making L1 usage more cost-prohibitive could alleviate network strain.
Dogecoin Community’s Diverse Reactions
A user expressed a desire for a solution that benefits all parties involved, balancing the appeal of inscribing meaningful content to the Dogecoin blockchain with the need to preserve the meme coin’s integrity.
Can’t there just be premium fees for inscribing to the chain, or would that still not sufficiently mitigate clog? Is it the fact that L1 is being used at all that is detrimental, or would making it more cost-prohibitive help alleviate network strain? Perhaps the additional fees could be collected and used to somehow support the network.
This crisis comes at a pivotal moment for Dogecoin, which, despite a 23% dip in value since December 9th, continues to attract new users, defying market expectations. Santiment’s analytics indicate a remarkable surge in non-zero wallets, with roughly 414,000 new wallets added in just two weeks, predominantly holding 0.001-1 DOGE. This represents a 7.2% increase since January 22nd, showcasing the fastest growth in Dogecoin’s decade-long history.