Is it time for DOGE to change the game and thrive?

While DOGE is still viewed by many as a meme coin, the premise of this joke is the lack of clear use cases. Even so, yesterday’s news gave Dogecoin fans some hope.

Maybe it’s time for DOGE to change the game? Is the time when Dogecoin, the “joke cryptocurrency”, finally grows and gets big?

DOGE gets a better position

A few days ago, Bitcoin Magazine reported that the CRO of the cinema service provider AMC Adam Aron had conducted an interview. probe about their ability to accept DOGE as payment for their services. No wonder that 77% of the total of 140,000 votes are in favor. “DOGE godfather” Elon Musk was also there and speak that DOGE needs to reduce transaction fees in order for the system to be profitable.

This is absolutely correct as the average fee is currently around $ 0.50 and even hit $ 1.30 early last month. The transaction fee is currently higher than the price of 1 DOGE ($ 0.2 USD).

Average transaction fee of DOGE | Source: BitcoinInfoCharts

Although the network is capable of processing 40 transactions per second and executing transactions valued at over $ 1 billion per day, it still lacks involvement. Currently, less than 6.5% of all addresses have a balance.

Total number of addresses DOGS (blue) against addresses with balances (green) | Source: Intotheblock

Also, when DOGE receives positive news or is hyped for any reason, the number of investors tends to increase. But the attraction also quickly waned.

This is evident in the UTXO. This week alone, UTXO rose from 0.45% to 5.94% in less than a day. In contrast, the index lost 7.5% over the 1 day to 1 month period.

UTXO. Age group DOGE | Source: Intotheblock

Is this behavior common?

As already mentioned, DOGE makes you strong in times of hype. This is also shown by data on social behavior. Social media volume was low until AMC’s announcement, after which it suddenly rose to the charts.

Likewise, the number of Twitter users hit a 2-month high over the same period before finally falling again.

Social network users DOGE | Source: Santiment

In order for DOGE to have real value, the above model needs to be changed.

So far, this coin meme has also seen a surge in long-term holders. That’s very good for the price. However, the speed also needs to be increased to support daily use, especially since it has been idle since the end of July.

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In order for DOGE to have real value, the above model needs to be changed. So far, this coin meme has also seen a surge in long-term holders. That’s very good for the price. However, the speed also needs to be increased to support daily use, especially since it has been idle since the end of July. Join Bitcoin Magazine Telegram to keep track of news and comment on this article: In order for DOGE to have real value, the above model needs to be changed. So far, this coin meme has also seen a surge in long-term holders. That’s very good for the price. However, the speed also needs to be increased to support daily use, especially since it has been idle since the end of July. Join Bitcoin Magazine Telegram to keep track of news and comment on this article: In order for DOGE to have real value, the above model needs to be changed. So far, this coin meme has also seen a surge in long-term holders. That’s very good for the price. However, the speed also needs to be increased to support daily use, especially since it has been idle since the end of July. Join Bitcoin Magazine Telegram to keep track of news and comment on this article:

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.