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Dogecoin (DOGE) Transaction Fee Reduction Proposal Gets Approval

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Patrick Lodder’s Dogecoin fee policy change proposal has received serious backing from members of the community, including Elon Musk. The proposal aims to reduce the minimum transaction fee on the network by 100 times, while also implementing a feature that would deter spammers from attacking the network.

Dogecoin Fee Policy Change 

Dogecoin, the world’s number one meme cryptocurrency is gradually transitioning from being entirely a joke coin to becoming a serious digital currency.

In the latest development, Patrick Lodder, a Dogecoin contributor, and CEO of Liberate Incorporated has published a proposal on Github, aiming to create a new fee structure for Dogecoin Core.

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As stated in the proposal, five key changes, including slashing the minimum relay fee to 0.001 DOGE, lowering the dust limit to 0.01 DOGE, reducing the default block inclusion fee rate to 0.01 DOGE, re-introducing a functional free transaction space, and lowering the default fee rate to 0.01 DOGE will be implemented on the Dogecoin network via multiple software upgrades.

Making DOGE Better than Bitcoin 

Explaining further, Lodder made it clear that Dogecoin’s current relay fee of 100,000,000 has made it impossible for transactions with fees below 1 DOGE to be sent to miners for confirmation and this has also made it impossible for the digital currency to be used for microtransactions.

“Since inception, the goal of Dogecoin has been to be accessible to everyone, but with current exchange rates, transacting DOGE is kept artificially higher than instated on Bitcoin and Litecoin blockchains, disregarding their fee economies. Where transacting DOGE used to be 10x cheaper than transacting LTC, it is as of writing nearly 5x more expensive. Therefore, it makes sense to reduce fees by at least 50x to stay competitive,” Lodder wrote.

What’s more, with the proposed fee policy change, the functional free transaction feature inherited from Bitcoin 0.14 will become active once again. The feature was initially designed to reserve a 27kb space in each block for the confirmation of transactions with insufficient fees, however, Lodder says “the facility is currently largely unused because eligible transactions currently do not get relayed to miners,” in essence, the relay logic will be tweaked to “once more accept free space transaction relay.”

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As expected, the proposal has gained serious support from Dogecoin faithful including Elon Musk.

While the proposed changes will definitely make Dogecoin cheaper for payments, the fact still remains that DOGE is only a meme coin whose supply is unlimited. Therefore, taking over the market share of established and more serious cryptocurrencies such as bitcoin (BTC), ether (ETH) and others appears an insurmountable task at the moment.

At press time, DOGE is trading around $0.25, with a market cap of $33.55 billion, according to CoinMarketCap.

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Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

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DOGE/USD are traded at 0.2460 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are testing the area between the signal lines again, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2345 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3205.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

In favor of the growth of DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2105 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1745. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin, which will indicate a breakdown of the upper border of the ”Triangle” model.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021 therefore imply an attempt to correct and test the support area near the 0.2345 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3205. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2105 area. This will indicate a continued decline in cryptocurrency with a target below 0.1745.

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Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey

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The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.

The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.

“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”

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The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.

“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”

Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.

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More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.

“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.

Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.

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Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”

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Dogecoin Price Struggling Near Vital DMA Lines, With Average Volume Activity.

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  • Dogecoin price is currently trading near its major moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity. 
  • The digital asset is presently trying to suppress its vital DMA lines and holding its 100 and 200-day lines. 
  • The pair of DOGE/BTC is trading at 0.000003868 BTC with an intraday gain of +1.02%, and the ratio of DOGE/ETH is CMP at 0.0000595 ETH with a 24-hour change of -5.98%.
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Dogecoin price over the monthly chart is trying to sustain above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, volume activity over the chart is slightly lower and needs to grow strongly. Similarly, the sustainability above its vital DMA lines with supportive volume activity will boost more upside in upcoming trading sessions.

Once the crypto asset jumps above its vital DMA lines, supportive volume activity will create the next lap of bullish move till $0.32 to $0.36. Support on the lower side is $0.2250 and $0.1945, whereas resistance on the higher side is $0.2720 and $0.3260. 

Dogecoin price is trading under the bullish chart pattern while creating higher highs and lows

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Dogecoin price at the weekly chart is trading under the bullish chart pattern while creating higher highs and lows. Meanwhile, the technical parameters are slightly neutral, with a slight recovery from lower levels. Volume over the chart slightly increases and needs more growth for a continuation of the pattern. DOGE price is trading at $0.2573 with an intraday gain of +2.34%, and the volume to market cap ratio is 0.06616.  

Relative Strength Index (BULLISH): Dogecoin price RSI is heading towards the overbought zone after a good recovery from the lower levels. In contrast, the coin trades on a higher note and projects slight caution with longs and RSI at 56. 

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