While Dogecoin initially gained popularity as a meme coin, the network has been pitched against the world’s largest crypto, Bitcoin, and won.
According to Elon Musk, who is notorious for prioritizing Dogecoin over other crypto options, Dogecoin is better suited for transactions than the Bitcoin network, even despite the fact that it was initially intended to be a silly joke.
Less Than $1 on a $1 Billion Transaction
Barely a week after Musk made the assertion about Dogecoin in his TIME interview, where he was named Time Magazine’s Man of the year, new data has confirmed his stance.
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The data shows that a huge Dogecoin (DOGE) whale moved nearly $1 billion in crypto, while paying less than a dollar in transaction fees.
According to Dogecoin blockchain explorer DogeChain, on December 14th and 17th, a wallet address transferred 5,351,593,213.62 DOGE, worth $913.09 million, and 80 million DOGE, worth $13.78 million, to separate addresses.
For the two transactions, which totaled a value of $926.87 million, the Dogecoin whale spent just 4.49 DOGE in transaction fees, totaling a price of $0.7328 as of this writing.
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The transaction made by the whale confirms the assertion by Elon Musk that Dogecoin is a much better substitution for transactional currencies than Bitcoin.
On the Flipside
- Despite Musk declaring Dogecoin to better than Bitcoin and confirming that Tesla would be accepting DOGE, the meme coin continues to underperform in the market.
- DOGE is currently trading at 78% less than it was on May 8th, at which time it set its record high.
Why You Should Care
Dogecoin’s utility and potential are steadily creeping out from obscurity, engulfing its earlier label of simply being a meme coin without any real-world use.
