The rise of Dogecoin has been emphasized again with another milestone. The mining rewards on Dogecoin can now be compared with Litecoin and Bitcoin Cash as transaction fees soar.
Why is this significant? Well, These two coins have been well established for years as some of the heaviest hitting altcoins on the market so for DOGE to be competing with them on so many metrics in such a short space of time is astonishing.
Dogecoin vs. Litecoin and Bitcoin Cash
Dogecoin in no time at all finds itself as the 13th biggest cryptocurrency in terms of market capitalization. The gains have been insane since the beginning of the year, peaking at a staggering 1800%.
The majority of the price gain happened during the last few days of January as the GameStop hype and a tweet from Elon Musk helped propel the meme-inspired coin to new all-time highs.
The director of communication at crypto market research for frim Quantum Economics said this recently about the viral movement behind the meme coin with Crypto briefing.
“The power of the meme has created value, and that dog’s face is a powerful marketing tool which has proven to be viral time and time again,”
Mining Is More Profitable
The daily fees of DOGE have increased from $1000 to $27,000. These fees are now comparable to those seen in Litecoin and Bitcoin Cash. The continued rise of Dogecoin means miners are now earning more in fees. The transaction fee on the network is 1 DOGE per 1kb transaction.
At the time of writing the average transaction for DOGE was $0.15. When we compare this to Litecoin and Bitcoin Cash we can start to see the progress made. The average transaction for Litecoin is $0.05 and Bitcoin Cash’s is $0.0035.
Dogecoin Transaction Volumes
The amount of USD transferred daily can now amazingly also be compared with Litecoin at around $100 million. Litecoin is largely accredited as being one of the crypto’s most respectable and largest altcoins.
DOGE’s price surge in January caused transfer volume to increase from less than $10 million to a peak of $1.4 billion. Basically taking DOGE from being just one of the many altcoins that appear to have no real future to being one of the most talked-about projects in the entire globe.