200M Dogecoin Transfer Warrants Less Than $1 in Fee As DOGE Dips 8%

Key Insights:

• A 200 Million Dogecoin transfer only charged a 10.05 DOGE fee.
• DOGE on the charts dipped by 8% within24 hours.
• Transaction fees for Dogecoin transfers have averaged $0.4 for more than 16 months.

Dogecoin as a blockchain does not offer much, either to developers or users. Since the chain does not support Decentralized Finance (DeFi), it only has value as a transaction medium since it definitely does not cater to the store of value cohort.

But there is solace in knowing that it’s performing phenomenally for what it is meant to be.

Dogecoin Keeps It Low

According to Dogecoin Whale Alert, a transaction consisting of 200 million DOGE was conducted at the fees of just $0.82 or 10 DOGE.

Although the transactions were anonymous on both ends, the $16.31 million stood out for being as cheap as it was.

🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨

200,000,000 $DOGE ($16,354,400 USD) was transferred from an unknown wallet to an unknown wallet.

Fee: 10.00 ($0.82 USD)

Tx: https://t.co/kJvnVPE2w6#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) June 2, 2022

Transaction fees have been a grave concern for users in the crypto market for a very long time, with Ethereum ruling the space with its skyrocketing fees.

As per on-chain data, a basic transaction on Ethereum costs over $1.6, with the same reaching up to $95 on different protocols. 

While chains like Solana and others are presenting cheaper alternatives, Dogecoin surprisingly emerged as one.

And while this particular development came to light over the last 24 hours, Dogecoin transaction fees have been next to nothing for more than a year now.

Since January 2021, the average transaction fee for Dogecoin transactions has been a little over $0.44.

Although spikes in the figures have been noticed since then, at its highest, the fees have not exceeded $8.05, which is still far lower than Ethereum’s.

This, along with its meme coin reputation, keeps Dogecoin relevant in a market where new chains and assets emerge and disappear every other week.

Dogecoin on the Charts

Over the last few days, the price has been mildly volatile, registering a 13.66% rise towards the end of May, followed by an 8.48% decline in the last two days.

The consolidation DOGE is witnessing is keeping it stuck under the $0.1 mark, which is a crucial support for the altcoin.

Reclaiming this would set the coin up to recover the 39.74% loss observed at the beginning of May while also lifting it out of the bear claws and into the bearish zones (RSI at 38, below the neutral mark of 50).