New Delhi: A recent social media post made by AMC Entertainment CEO Adam Aron hinted at the acceptance of meme coin Dogecoin to the list of cryptocurrencies that AMC, the world’s largest theatre chain offers as online payment. Since then, the Shiba-Inu-themed cryptocurrency’s utility is on the rise.
Traders and investors are henceforth excepting a reduction in transaction fees and a recovery in DOGE.
There has been a regular update of the Dogecoin core over the past few months. Further, a new version of Dogecoin Core, v1.14.4 was released in August to improve the performance and lower the recommended fees.
Till now, the recommended update has not been installed by all the node operators. It is said that the installation would enable a reduction in future fees in the DOGE network. Sharing his thought about the same, Billy Markus, co-founder of Dogecoin tweeted:
yep yep ~ all 1.14.3 nodes please update to 1.14.4 and we can release low fees by default! pic.twitter.com/4DFvFDqpEf
— Shibetoshi Nakamoto (@BillyM2k) September 22, 2021
With the complete installation of the latest updated version by the major miners, the transaction fee might reduce by 1000x for relay and 100x for mining. This is their initial step towards reducing the recommended fee for DOGE. Besides, another network adaptation is expected soon.
The regular updates showcase that the utility of altcoin is rising. Reportedly, around 600 merchants have accepted DOGE payments in January 2020. Since then, the number spiked to 1704.
With the rising social dominance, the altcoin’s acceptance further sped up. On Twitter, over the past few weeks, DOGE took the position in the “top 10 most mentioned cryptocurrencies.” The rise in social media dominance was followed by a rally in the altcoin. Analysts and experts are looking forward DOGE to recover, as the altcoin is facing hindrances after the rejection of price at the key resistance level.
A cryptocurrency analyst and trader named ‘Venture Founder’ that DOGE is slowly losing its dominance from “3.3% at peak to 1.5%” The analyst predict that the DOGE will recover but “may have to wait a long time for the next perfect storm.”
This chart shows #memecoins fading into irrelevance since the May 2021 crash. Even the most resilient memecoin $DOGE is losing dominance, from 3.3% at peak to 1.5% today. Maybe someday memecoins will make a comeback, but may have to wait a long time for the next perfect storm. pic.twitter.com/3UxisCEI0U
— venturefoundΞr (@venturefounder) September 23, 2021