It is ‘super important’ for Dogecoin to fix this for adoption
The current market volatility hasn’t been kind to Dogecoin, with the popular meme coin falling by a lot since its hype-fueled rallies a few months back. In fact, at the time of writing, the value of DOGE had dropped by almost 30% since mid-August.
Nevertheless, many in the DOGE community, including #dogefather Elon Musk, are trying to get the crypto-asset up for adoption. Alas, there seems to be a problem still ailing its ecosystem.
At the moment, the DOGE community is focusing on getting the crypto ready for large-scale adoption. However, its transaction fees still require a major fix. This urgency was recently reported by the #Dogefather after AMC CEO inquired about accepting Dogecoin on Twitter.
As Dogecoin received unprecedented support from Twitter users, CEO Adam Aron tweeted,
SO FASCINATING! Dogecoin Poll was by far my highest ever read tweet. In 24 hours, 4.2 million views, my most ever retweets, most ever replies. 140,000 votes 77% yes 23% no. It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned! pic.twitter.com/tkClzgMBMO
— Adam Aron (@CEOAdam) September 22, 2021
Less than a week ago, Robinhood announced wallet services for cryptocurrencies – A massive developmental step for Dogecoin and others in the list of supported cryptos.
The timing of the same was especially critical. Especially since as far as half of all transaction-based sales in the second quarter via crypto are concerned, 62% of the revenue came from DOGE.
As expected, the aforementioned development and roadblocks soon caught the eye of Musk, with the Tesla CEO soon tweeting,
Super important for Doge fees to drop to make things like buying movie tix viable
— Elon Musk (@elonmusk) September 22, 2021
Back in August, the Dogecoin network released a 1.14.4 update for its nodes. As per GitHub, this update will help the network reduce fees. However, given the limited number of nodes, currently, the impact of the update has not been felt on the transaction fees.
The network hopes that as soon as a higher percentage of nodes are running the newly updated nodes, it will provide the network with greater security and reduced transaction fees.
Nevertheless, Dogecoin may need to focus on expanding its use cases along with reducing fees. Especially since the altcoin’s value had dropped from a peak of $0.7605 to $0.2248, at the time of press.