A planned upgrade for Dogecoin (CRYPTO: DOGE) to lower its transaction fees will see some delay, according to the meme cryptocurrency’s co-creator Billy Markus.
What Happened: Markus, who goes by the username Shibetoshi Nakamoto on Twitter, said that adoption of the upgrade will not happen immediately, but will most likely come sooner than Robinhood market Inc. (NASDAQ:HOOD) wallets.
Markus was responding to a tweet by Dogecoin core developer Mitchi Lumin, who said that the developers are trying to add one more solution for fee rounding.
— Shibetoshi Nakamoto (@BillyM2k) August 11, 2021
See Also: How To Buy Dogeoin (DOGE)
Why It Matters: The proposal to reduce Dogecoin transaction fee was announced by Dogecoin developer Ross Nicoll in June and won the support of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk as well as Markus.
The proposal aims to make it easier for users to transact in Dogecoin after “all time high exchange rates against both the U.S. dollar and Bitcoin (CRYPTO: BTC)” altered the dynamic.
The plan advocates for the revision of the default fee rate to 0.01 DOGE. The average Dogecoin transaction fee stands at 2.35 DOGE or ($0.612), according to BitInfoCharts, at press time.
Dogecoin’s year-to-date gains are an impressive 4,443.7%. However, the meme cryptocurrency is down 64.9% from its all-time high of $0.7376 reached in May and is now in seventh place in terms of market capitalization, as per CoinMarketCap data.
Lower transaction fees would enable increased adoption of the Shiba Inu-themed coin by cryptocurrency users and help keep the network competitive with other cryptocurrencies like Litecoin (CRYPTO: LTC) and bitcoin.
Price Action: Dogecoin is up 0.9% during the last 24 hours, trading at $0.2578 at press time.
Photo by Marco Verch on Flickr