Dogecoin currently has an average transfer fee of $0.029. Here’s how the network compares to some of the other biggest plays in this metric.
Dogecoin compared to other assets in terms of transaction fees
In a new job on X, market intelligence platform IntoTheBlock shared an infographic explaining how the average transaction fees compares the different leading networks in the sector.
Transfer fees here naturally refer to the amount that any sender on the blockchain must attach to their transactions as compensation for the chain’s validators. The amount of fees the average investor would be willing to pay for their moves depends on the conditions present on the network at the time.
When the blockchain receives a heavy trafficaverage fees may increase slightly. This is because the network only has limited capacity to handle transactions, so validators prefer to process movements offering the highest payment amount first.
Investors who want to act as quickly as possible have no choice but to charge above-average fees. As shippers compete in this way, the network average can easily explode if traffic is particularly high.
If investors must pay during periods of congestion, they have no incentive to do so when network activity is low. So, fees tend to go down under such conditions.
Now here is the infographic published by the analytics company which shows the latest value of average transaction fees for eight networks: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Tron (TRX), Toncoin (TON) , Litecoin (LTC), Avalanche (AVAX) and Bitcoin Cash (BCH).
Looks like LTC is currently offering the lowest amount of fees | Source: IntoTheBlock on X
From the table, it appears that Ethereum is currently the most expensive network, with its investors having to pay fees of $4.84 on average. Bitcoin investors have to pay a significantly lower amount, but the on-chain average of $1.5 is still quite high compared to other coins on the list.
Dogecoin, Avalanche, Bitcoin Cash, and Toncoin each offer a similar transaction cost of between $0.024 and $0.032, which, considering the scale of their trading volume, is quite negligible. Tron is the most expensive with average fees of $0.24, but they are obviously still much lower than BTC and ETH.
Among these altcoins, Dogecoin naturally stands out, given that memecoin has a much larger market capitalization and is therefore bound to attract higher traffic.
The most impressive network on the list is undoubtedly Litecoinas investors making on-chain moves only have to pay an average fee of $0.0051.
DOGE Price
At the time of writing, Dogecoin is floating around $0.346, down more than 10% over the past seven days.
The trend in the price of the memecoin over the last day | Source: DOGEUSDT on TradingView
Featured image of Dall-E, IntoTheBlock.com, chart by TradingView.com