Dogecoin, which was initially released into the crypto market as a joke, mocking the riveting speculations of cryptocurrency at that time, has gone on to become a huge hit among the crypto-enthusiasts. As a parody of cryptocurrency, its supply limit was discarded to encourage the utilization of crypto tokens as a tipping coin to depress the practice of hoarding. In their post on Reddit, the Dogecoin developers offer a proposal to all the Dogecoin stakeholders to diminish the average fee to a 100 times low for standard transactions on the Dogecoin chain.
The crypto asset which was ten times cheaper than Litecoin in the past is approximately five times costlier today. It also cites a system of split full control over all features of node operator and miners, reinstating an operable, free transaction expanse that encourages working on a healthy network.
The Shiba Inu-themed cryptocurrency has a market capitalization of $30.33 Bn. As the sixth-largest cryptocurrency in the world, it has repeatedly been reinforced by Tesla Inc CEO Elon Musk. The previous month, the business magnate had revealed that he was collaborating with the Dogecoin developers to “improve system transaction efficiency” of the crypto asset and the related fee average.
In contrast to Bitcoin which has distributed 18.74 million coins as of today, 130.16 billion coins have been circulated in the crypto-markets. This lofty supply is often criticized by people, as it is not designed to offer a store of value. Since the supply for the meme coin is unlimited, the value of the currency you might be holding on to will decrease with time. This is why investing in Dogecoin is seen as risky and not worthwhile.
In comparison to Bitcoin, Doge has a significantly smaller block time, making it easier to carry transactions through the meme currency.
Even with the release of Dogecoin Core 1.14.3 in February, the dearth of up gradation and development of the crypto-asset has been speculated by many. Dogecoin’s Github page, which is managed by its developers, has not been very active since 2017.
Nevertheless, these ‘subtle technical factors’, as quoted by the Ethereum Co-founder Vitalik Buterin, have not stopped people from investing in the parody of cryptocurrency. Recently, the Dogecoin subreddit achieved 2 million followers, owing to the ardent promotion of the asset by Elon Musk.