Transaction fees on Dogecoin (DOGE) surge to unprecedented levels

Transaction fees on Dogecoin (DOGE) surge to unprecedented levels
фото показано с : invezz.com

2021-2-19 14:45

Dogecoin (DOGE) has continued its impressive gains, quickly attaining the 13th position when it comes to top cryptocurrencies by market capitalization.

The cryptocurrency started its rise after the GameStop hype and Elon Musk’s tweets about the token.

Since the start of the year, the coin has made an impressive 1800% gain, making it one of the highest gainers among the top 20 cryptocurrencies.

Significant mining profit

Now, the coin’s mining profit can be compared to that of Litecoin (LTC) and Bitcoin Cash (BCH). Gerald Votta of crypto research firm, Quantum Economics, discussed DOGE’s upsurge recently.

He stated that the meme has created a value that has become viral time and time again.

And with Musk’s support adding relevance and credibility to the token, observers are predicting a further rise of the token’s price  soon.

The total daily fees for the coins have increased to $27,000 from its previous $1,000 fee, which has earned miners significant income. It means that miners are now earning more in fees compared to Bitcoin Cash and Litecoin.

As of press time, DOGE’s transaction fees average $0.15. In comparison, average transaction fees on Bitcoin Cash and Litecoin are $0.0035 and $0.05 respectively.

DOGE’s market cap still far behind

The increase in DOGE’s transaction fees started when the price of the token surged uncontrollably two days in January.

However, the value of the token may likely not match that of Litecoin and Bitcoin Cash because DogeCoin runs on merged mining. There are no limitations placed on the supply of DOGE, and the present inflation rate is 4.1%. It gives DogeCoin a big drawback that gets some investors worried.

The January price surge of the token caused an increase in its volume from under $10 million to a $1.4 billion peak.

However, Bitcoin Cash has an $825 million 90-day average transaction volume. Dogecoin and Litecoin seem to be more often used for small value transfers. Despite Goge’s surge, Votta believes the BCH market cap will still be far ahead of DOGE’s market cap.

The post Transaction fees on Dogecoin (DOGE) surge to unprecedented levels appeared first on Invezz.

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Dogecoin (DOGE) на Currencies.ru

$ 0.1637 (-0.51%)
Объем 24H $1.525b
Изменеия 24h: -0.78 %, 7d: -1.48 %
Cегодня L: $0.1637 - H: $0.1645
Капитализация $23.653b Rank 8
Цена в час новости $ 0.0562576 (190.98%)

doge dogecoin started cryptocurrencies rise cryptocurrency market

Источник: invezz.com

doge dogecoin → Результатов: 126


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2024-4-23 05:00


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As Bitcoin’s recovery post-dip propels it towards a new all-time high, crypto analyst Miles Deutscher has identified several altcoin setups that have piqued investor interest. In his weekly token and narrative watchlist, Deutscher shed light on the prospects of Solana (SOL), Ordinary Token (ORDI), and the meme coin Dogecoin (DOGE), among others.

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Фото:

Dogecoin (DOGE): As DOGE Day Approaches Will Elon Drop Hints? Dogecoin Rival Launches On 420

As the crypto community gears up for the eagerly anticipated Dogecoin (DOGE) Day, speculation is rife about potential moves by influential figures like Elon Musk. Will the tech mogul, known for his cryptic tweets that have historically sent Dogecoin (DOGE) soaring, drop hints that could influence DOGE’s trajectory? Amidst this […]

2024-4-3 19:54


Can Bitcoin Rally Сontinue? Here’s 3 Crypto to Keep an Eye On: Nuggetrush (NUGX), Dogecoin (DOGE), Shiba Inu (SHIB)

As Bitcoin leads an impressive rally, the cryptocurrency market is witnessing a resurgence of meme coins. Amid this whirlwind of digital currency frenzy, investors cast a spotlight on three meme coins poised for the limelight, including the iconic Dogecoin (DOGE), the playful Shiba Inu (SHIB), and the daring NuggetRush (NUGX).

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