Between December 2020 and January 2021, the fee for a transaction involving Dogecoin increased by over 1,500 percent. Transaction fees refer to the money paid to the cryptocurrency's miners to get transactions accepted, and cost increases can occur when user numbers increase: as the blockchain has limited space available to process all the transactions, it effectively becomes congested. Growing transaction fees therefore represent both the number of Dogecoin transactions that are waiting in line to be processed, but are also meant as an incentive to miners to process the especially large transactions - as they are more profitable for them. The increase in fees for the cryptocurrrency coincide with both an increase in Dogecoin transactions as well as a price surge for Dogecoin after tweets from Tesla CEO Elon Musk in early 2021.
Mean transaction fee of Dogecoin from January 2014 to October 25, 2021
(in U.S. cents)
Characteristic
Transaction fee in U.S. cents
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Exclusive Premium Statistic
To access all Premium Statistics, you need a paid Statista Account
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Coin Metrics. (October 26, 2021). Mean transaction fee of Dogecoin from January 2014 to October 25, 2021 (in U.S. cents) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1224407/transaction-fees-dogecoin/
Coin Metrics. "Mean transaction fee of Dogecoin from January 2014 to October 25, 2021 (in U.S. cents)." Chart. October 26, 2021. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1224407/transaction-fees-dogecoin/
Coin Metrics. (2021). Mean transaction fee of Dogecoin from January 2014 to October 25, 2021 (in U.S. cents). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1224407/transaction-fees-dogecoin/
Coin Metrics. "Mean Transaction Fee of Dogecoin from January 2014 to October 25, 2021 (in U.S. Cents)." Statista, Statista Inc., 26 Oct 2021, https://www.statista.com/statistics/1224407/transaction-fees-dogecoin/
Coin Metrics, Mean transaction fee of Dogecoin from January 2014 to October 25, 2021 (in U.S. cents) Statista, https://www.statista.com/statistics/1224407/transaction-fees-dogecoin/ (last visited July 22, 2024)
Mean transaction fee of Dogecoin from January 2014 to October 25, 2021 (in U.S. cents) [Graph], Coin Metrics, October 26, 2021. [Online]. Available: https://www.statista.com/statistics/1224407/transaction-fees-dogecoin/