While Dogecoin 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 famous for prioritizing Dogecoin over other cryptos, Dogecoin is better suited for transactions than the Bitcoin network, even though 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 at the TIMES interview where he was named Time Magazine’s Man of the year, new data has confirmed his stance.
The data shows a huge Dogecoin (DOGE) whale moving nearly $1 billion in crypto while paying less than a dollar in transaction fees.
According to Dogecoin blockchain explorer DogeChain, on December 14 and 17, 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 $926.87 million, the Dogecoin whale spent just 4.49 DOGE in transaction fees, totaling $0.7328 as of writing.
This whale transaction confirms the assertion of Elon Musk that Dogecoin is a much better substitution to transactional currencies than Bitcoin.
On The Flipside
- Despite declaring Dogecoin better than Bitcoin and confirming Tesla (NASDAQ:TSLA) will accept DOGE, the meme coin continues to underperform in the market
- DOGE is currently trading at 78% less than it did on May 8, when it set its record high
Why You Should Care?
Dogecoin’s utility and potential are steadily creeping out of the closet, engulfing its earliest label as a meme coin without any real-world use.
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