Bitcoin high fee has brought dogecoin to limelight - page 2.

Shasha80

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Quote from: ?? on ??

I don't think it's because the price of bitcoin is too high, it's Elon Musk who recently glanced at the doge, and launched a few tweets, it made doge go to the moon, unfortunately some people definitely bought above and can never come back, some take advantage of Elon Musk tweets

It has been a long time since Bitcoin transaction fees were high, but why is it only now that Dogecoin's price has increased so dramatically.
So it is inaccurate to say the Dogecoin price went up due to the high Bitcoin transaction fees. Because if we do our research properly, we will
know that Dogecoin's price has gone up since Elon Musk often made tweets related to Dogecoin. So the hype that happened to Dogecoin was
the main cause of the tweets made by Elon Musk, indeed the extraordinary effect that Elon Musk gave.

kawetsriyanto

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Quote from: palle11 on April 17, 2021, 12:56:28 PM

snip

Honestly, so far, Doge is likely only a community coin, not really popular enough and also not really pumping before Elon Musk tweets. However, because of this very influencing person in the world, Doge can pumps so highly in a short period. However, how if Elon Musk decides to sell of Doge and not making hype of this coin? Can it really pump again like now?
This is what makes different from other coins like BTC, ETH, BNB, and other tops coins, where they have a strong team and fundamentals.
Bitcoin is yeah has very high fees right now, but this doesn't make people leave this coin because it is too worthy to leave Grin

And if I need more alternatives to take, I will prefer to some top coins.

livingfree

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Quote from: go4crypto on April 30, 2021, 04:41:48 PM

I think Dogecoin owns its rise to Elon Musk primarily and a bit to Mark Cuban. There are plenty of other coins with low fees so that is not the factor really driving it.

Yes, I agree but mostly it's with Elon Musk.

He's the first one to be consistently giving tweets about Dogecoin. Before there wasn't that much effect with his tweets but he just did it again consistently until the masses came to respond with his tweets.

And there you go, Dogecoin pumped.

CaVO32

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Quote from: forexandcryptoauditor on April 30, 2021, 04:40:43 PM

This feels the same as due to high gas fees on Ethereum, projects are moving to Binance smart chain Grin

. Not sure what will be the limit to this high fee issue. If things will not be easy in near future, the trend may change for ETH.
But for Dogecoin, I see the reason in price increase because of more hype than BTC high fees. It went directly 4x in a small period of time which shows the increase in interest in it from investors.

Basically, it is owed to Elon Musk's tweeting about doge why it pumps its price in the market. Nothing more. Because in my opinion, it is not because its lower fees that doge comes to light. Exchanges are still charging like 20 - 50 doge (approx $6.4-16 at the rate of $0.32), so it is not in any way cheap. There are cheaper alts you can use if you are after for low transfer fees like TRX, XRP, EOS or LTC. Let us admit that it is mainly because of Elon why doge is in its position right now. So for those holders, you need to be careful because once he is finished with this alt, it will go down again.

Chuky92

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Well, I beg to differ. I don't really buy the idea that the reason why Dogecoin has been growing is because it is proving to be a more better option than Bitcoin.
Let me ask, who knows about Dogecoin or even paid attention to it before Elon musk started hyping it? Only few people were holding Dogecoin and because hype is very needed and important in the crypto space, people started bagging it because with a little hype, the price grows and they bask in profits; that is to say, people are only holding Dogecoin because of the immediate profit they are seeing and if Elon musk stops hyping it, that might be the end.
No coin can compete with bitcoin when it comes to begin important and/or relevant in the crypto space, Ethereum haven't done so let alone Dogecoin.

AzamNurWahid

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I don't agree with your statement if you say the increase in DOGE prices is due to expensive bitcoin transaction fees, everyone already knows and it is clear that DOGE pumps because Elon Musk and his followers have manipulated the market

go4crypto

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I think Dogecoin owns its rise to Elon Musk primarily and a bit to Mark Cuban. There are plenty of other coins with low fees so that is not the factor really driving it.

forexandcryptoauditor

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This feels the same as due to high gas fees on Ethereum, projects are moving to Binance smart chain Grin

. Not sure what will be the limit to this high fee issue. If things will not be easy in near future, the trend may change for ETH.
But for Dogecoin, I see the reason in price increase because of more hype than BTC high fees. It went directly 4x in a small period of time which shows the increase in interest in it from investors.

SquallLeonhart

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Quote from: palle11 on April 17, 2021, 12:56:28 PM

Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers. Grin

It has been a really crazy year for Dogecoin with the heavy uptrend. The current price compared to what we have now is a really big difference, from below $0.10, now it’s around $0.34 after it reached somewhere around $0.40. so that’s a really big move.

Although this is not the first price movement like this that we have seen with dogecoin, we have seen a bull run that happened when there were some Tiktok influencers hyping it and convincing their followers to invest, and that caused the price to skyrocket to an extent, then it came to this Elon Musk hype.

HanaTenun

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Quote from: ?? on ??

I don't think it's because the price of bitcoin is too high, it's Elon Musk who recently glanced at the doge, and launched a few tweets, it made doge go to the moon, unfortunately some people definitely bought above and can never come back, some take advantage of Elon Musk tweets

I agree with you Doge's hype is caused by Elon Musk, when he talks about Doge, Doge's price will definitely go up quickly, most people buy when the price is high and they think the hype will last a long time. I also feel that the expensive Bitcoin transaction price does not affect Doge's price at all.

ijeb

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Doge is still growing and will be for a while but eventually it is going to fall.
Most of the Doge supply is held by a few whale wallets. When the time will come and they will agree to the market price of Doge and will start dumping.
Then people will start losing a lot of money and those whales money will be redirected to another project.

wack slacker

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Many cryptocurrencies cost less than Bitcoin and lower than DOGE. Take a look at Monero, the very low transaction cost, the lowest of all the cryptocurrencies I know of even if you withdraw it from an exchange to your wallet.
DOGE is just an old crypto with old technology and it is being manipulated by whales and sharks. I think the low transaction costs are not part of the reason.

Iceblast

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Quote from: Nivia1st on April 17, 2021, 04:41:46 PM

the biggest reason Doge rose was because of Elon Musk's influence. he had an important role in making the doge rise. although there are other reasons that influence it too, but it does not have a significant impact. one of them is as an alternative to transfer funds. if only for this reason it would not be possible for the doge to rise as it is today.

it is clear, even before bitcoin has experienced an increase in transactions doge has not become any coin. That is the reason for blaming bitcoin's high transaction fees and causing the doge price to increase. even though it was a mistake and doge had increased due to the hype by elon musk and it was real

kidbounty

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HELENA

coins with cheap transaction fees are getting attention right now. not only doge, tron also grew thanks to this. indeed the bull market gives us profit, but the irony is that for some coins the fee is becoming more expensive. ethereum and bitcoin are examples of coins experiencing this problem. but thanks to Doge, transfers between funds have become easier and cheaper.

Golftech

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Quote from: beerlover on April 29, 2021, 12:32:09 PM

Quote from: palle11 on April 17, 2021, 12:56:28 PM

Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers.

Honestly I am some sort of agreeing with you as we must need cheaper transaction based payment option to spend for our day to day life. Bitcoin is drastically moving toward a point of becoming a complete digital asset hence spending bitcoins for our daily life is becoming as non sensible one by considering about the future price levels of bitcoins.

These days (before dogecoin's up surge) I am making use of Tron for paying some of my expenses but after dogecoins entered into 200 satoshi region for the first time, some of my spending places started accepting/demanded for dogecoins; compared to dogecoins, currently I am spending low fee with Tron still I am comfortable with dogecoins for payments.

Bitcoin fees is really hurting our butts, finding alternatives is the best way to continue transacting using our

crypto assets, if OP find Doge as good alternatives then he really made a good decision as fees and speed are

both okay using Doge chain.

With TRX, I also use it together with XRP whenver I transfer some fund between exchange, I find it better than
using BTC or ETH.

Synerggy

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As if dogecoin is the only coin with cheap transaction fee, do you know how many coins that have cheap transaction fee like dogecoin? They are many, I believe the reason y dogecoin is well adopted today is because of Elon musk and Tesla

RondoAnyar

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Quote from: Raytheon on April 17, 2021, 01:30:03 PM

You know what, after DOGE skyrocketed, all dog-related tokens followed, including Shiba Inu and Akita Inu. Even a less related token like Pig Finance also pumped hard. If DOGE had some real bitcoin-alternative value like you said, Shiba Inu and Akita Inu must have had some, huh? In fact, without Elon Musk, maybe nobody even knows about DOGE.

The influencer effect is amazing, but it's worth remembering. The coins are not going in a pure way I think like the Doge won't last long until the next few years. but it can't be confirmed yet because the market also affects the coin

Distinctin

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Quote from: palle11 on April 17, 2021, 12:56:28 PM

Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers. Grin

I don't think about optional because Dogecoin is not even close to Bitcoin no matter what Elon Musk to do. Besides, it was just the hypes that help Doge to skyrocket, but I'm not sure if it still in the skyrocket once the altseason will end. I surely see that it drops again like in the situation before the hypes.

Nothing special with Dogecoin, we don't need to fool ourselves believing that this coin will enlighten us in the future. Because it was just Elon Musk benefiting this more, not the investors, not us. And this huge fee is temporary, in fact, it is getting low already.

revilo

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Quote from: tiCeR on April 29, 2021, 12:22:03 PM

Quote from: revilo on April 19, 2021, 08:17:45 PM

Quote from: Sithara007 on April 19, 2021, 01:00:00 AM

The advantage with Dogecoin is that although the block size is similar to that of Bitcoin (1MB), on average the blocks are mined every one minute instead of 10 minutes as the case with Bitcoin. And due to low acceptability of Dogecoin, the Mempool is almost always empty (although this may change in the future). Eventually Bitcoin will lose out because the miners have refused to lower the transaction fee. But it will be too early at this point to predict whether DOGE will benefit out of it.

In the end Bitcoin will lose out? What about scaling solutions? Everything in life scales. Cars scale, bicycles scale, hardware scales, and Bitcoin will also scale, it just needs time.

Scaling solutions are underway and once they are rolled out step by step (which is not easy to do), it will take time until some of them are sufficiently understood by the uses in regards to how to use them (e.g. lightning channels). Hopefully, most of them don't even need some extra effort on behalf of the user. That would be the best case scenario.

I agree that the magic should happen in the backend or on the protocol level. If there are users that are not overly tech-savvy, it will be hard to convince them to use a complicated technology in their everyday life.

They won't do it as we all prefer easy solutions and go for compromises when it makes life a little bit easier. Although we sometimes shouldn't.

beerlover

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Quote from: palle11 on April 17, 2021, 12:56:28 PM

Apart from Elon musk hyping dogecoin these past months that got price hanging at $0.05 now the price has gone skyrocket. The skyrocket price of doge I believe is becayof the high fees of bitcoin transaction.

Dogecoin is proving to be a more optional coin to bitcoin and that is undoubtedly pushing price high and for the first time dogecoin has made a return to faithful hodlers.

Honestly I am some sort of agreeing with you as we must need cheaper transaction based payment option to spend for our day to day life. Bitcoin is drastically moving toward a point of becoming a complete digital asset hence spending bitcoins for our daily life is becoming as non sensible one by considering about the future price levels of bitcoins.

These days (before dogecoin's up surge) I am making use of Tron for paying some of my expenses but after dogecoins entered into 200 satoshi region for the first time, some of my spending places started accepting/demanded for dogecoins; compared to dogecoins, currently I am spending low fee with Tron still I am comfortable with dogecoins for payments.

Topic: Bitcoin high fee has brought dogecoin to limelight - page 2. (Read 637 times)