Business magnate and billionaire Elon Musk says Dogecoin (DOGE) must make one key change before it can be realistically used for everyday transactions.
The fees associated with transacting DOGE are far too high, rendering the cryptocurrency not yet viable to be used as a medium of exchange, according to Musk.
Musk’s comments come on the heels of AMC Entertainment CEO Adam Aron conducting a poll which asked if the cinema chain should adopt the memecoin. Out of the survey’s 140,000 respondents, 77% said AMC should adopt Dogecoin.
In response to Dogecoin co-founder Bill Markus’s excitement about these poll results, Musk tweets,
“[It’s] super important for DOGE fees to drop to make things like buying movie tix viable.”
This marks the third time in recent months that Musk has called for DOGE to improve in some manner.
In June, Musk tweeted that it’s “important to support” a proposal by Dogecoin developers that suggested changing the crypto’s transaction fees, and in August he praised the memecoin for upgrading its node count, which did result in lower fees.
Currently, the average transaction fee for the memecoin is $0.49, a 414% decrease from its six-month high of $2.52, according to BitInfoCharts.
DOGE is currently trading at $0.22, according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Kseniya Resphoto
