The transaction fees for the meme cryptocurrency are currently one of the lowest, as a user is reported to have paid almost zero fees to transfer 2.69 million Dogecoin.
The near-zero fees saw the transaction cost accrued by the user at 0.00226 for a transaction worth $357,926. Unlike transaction costs from other networks like Ethereum, which are considered high, Dogecoin’s fee is relatively cheap, and its transaction process is fast.
Another interesting thing about this is that the transaction costs for large transactions are considered one of the lowest among the altcoins in the industry.
Last month, the first transaction carried out on the RadioDoge network saw the fastest fund transfer without internet services.
DOGE Ready for the Market
The Doge Foundation has revealed that the foundation’s goal is to make Dogecoin the leading cryptocurrency for exchange in the world for the movement of products and services. Accordingly, it has put in place various projects designed to get the DOGE ecosystem functioning as a well-structured platform.
The Doge Foundation further reiterates that the goal is toward grassroots adoption of the meme token and that a large percentage of the world’s population is unbanked, which means that a large market is there to be covered.
In April, the first-ever fund transfer without internet access on the DOGE network was carried out via the RadioDoge protocol.
Transactions on the RadioDoge platform involve using a low-cost radio technology alongside the Starlink satellite terminals to facilitate affordable and large-scale access to the meme token, especially for people who live in regions with no access to internet infrastructure.
As a result of the new development, DOGE tokens can be transferred without internet services.
DOGE Needs More Utility for Adoption
Affirming the notion that Dogecoin will require more utility before more businesses can accept it, Elon Musk responded to a post by the co-creator of Dogecoin, Billy Markus, adding that the meme cryptocurrency would require a lot of utility before it can achieve widespread adoption.
The world’s richest man also noted that by adding DOGE tipping to Twitter, the meme coin is gaining some added visibility, another requirement for increased mainstream adoption.
In another development, Mark Cuban has suggested some possible ways that the Dogecoin network can eliminate spambots on Twitter after the Tesla boss complained about the inability of the social media team to curb the continuous activities of the spammers.
In reaction, the Tesla CEO agreed with the proposed ideas as outlined by Cuban, where the DOGE token would be used as collateral. Here, any single post attracts a single DOGE, and where a post is flagged as spam by a user upon confirmation by another human, the spammer gets to lose his Doge token.
However, some people have expressed their reservations about the efficacy of the proposed move, with many pointing out that some unscrupulous individuals will attempt to game the system by flagging down posts that are not spammed to benefit from the monetization of the platform.