Elon Musk diagnosed the problem with Dogecoin’s low commercial acceptance rate as a result of its unattractive fees on Wednesday, but any change is unlikely to occur any time soon.
The Tesla king and former Dogecoin sole influencer took to Twitter and stated:
It is “extremely important for Doge fees to fall in order to make things like purchasing movie tickets available.”
This was in response to a Twitter poll conducted by Adam Aron, CEO of AMC Entertainment Holdings, in which users were asked to vote on whether the meme coin should be accepted as a form of payment for movie tickets.
Aaron’s poll received 140,388 votes, with 68.1 percent supporting AMC’s addition of $DOGE, $ETH, $LTC, and $BCH as payment options by the end of the year, and 16.2 percent dismissing the idea as a waste of time. Around 12,000 people liked the idea but said they would not use it, and the remaining 9,967 voters thought it was unimportant.
Shortly after, Aron was quick to announce that the polls had broken his all-time social media engagement records, much to the delight of Elon and Billy Markus, the founder of Dogecoin, who stated, “The crypto market is finally seeing some green.” Markus stepped down as Dogecoin’s creator in 2015, selling his stake to buy a used car in response to “threats from the internet community.”
Dogecoin has been in a state of distress since Elon stepped off the PR treadmill. Aside from the bolstering canine crypto army united by clout, the fledgling coin continues to put up a shaky performance due to some fundamental factors such as processing speed, synchronization ability, security, and processing fees, which average $0.70.
Much of these issues were addressed in its 1.14.4 upgrade in August, but the soaring fees that Markus promised would be addressed before Robinhood released its Dogecoin wallets have yet to be addressed.
Elon wants to make the price of DOGE a hundred times lower than it is now.
Within 24 hours of Elon’s tweet, Doge had increased by 8% from its $0.0208 value. It reached a high of $0.2289 in the first twenty minutes and is currently trading around $0.2229. The canine-themed coin has dropped six positions from its highest crypto chart position to tenth place.