- On average, Dogecoin transfers may take between 40 and 60 minutes where network congestion and wallet addresses are the key factors that determine the speed.
- Traders can potentially speed up a Dogecoin transfer by paying a higher gas fee, but this is not guaranteed.
- Kraken is an example of a large crypto exchange that requires fewer confirmations (40) on the network than most others.
Dogecoin (DOGE) is the world’s most popular meme coin cryptocurrency that started as a joke. However, the crowd responded positively to this meme coin, making it one of the biggest cryptocurrencies in the world by market capitalization. Due to this token’s popularity, people have many questions about how long it takes to transfer Dogecoin between crypto wallets and exchanges.
The primary reason being the process isn’t straightforward. Crypto technology is going through a transformational phase, and several factors can affect the Dogecoin transfer speed. This article looks at how dogecoin transactions work, the process of transferring it from an exchange to a wallet, and what factors can impact how long it takes to transfer Dogecoin.
What is a Dogecoin Transaction?
Dogecoin was launched as a meme coin back in 2013 as a joke crypto that was rewarded to those who post valuable content on their social media handles, such as Reddit and Twitter. It was originally forked from Litecoin as a light-hearted cryptocurrency that is less costly and more appealing to the wider crypto crowd.
Dogecoin, like Bitcoin, is mined. However, it uses Scrypt technology that has a block time of one minute. For comparison, Bitcoin’s block time stands at 10 minutes, and Ethereum’s block time (pre-merge) is 10 to 20 seconds. During Dogecoin transactions, the meme coin is transferred from the cryptocurrency exchange to a Dogecoin wallet.
How Long To Does It Take To Transfer Dogecoin?
Dogecoin takes 1 minute to execute one block – which makes it 10 times faster than Bitcoin. It can do 30 transactions within one minute of getting confirmation from the cryptocurrency exchanges. The exact time to complete a Dogecoin transfer depends on the type of wallet that’s being used. The official wallet of Dogecoin, Dogecoin Core, provides a better transfer speed than a cryptocurrency exchange.
For example, when transferring DOGE to Coinbase or Binance, which requires 60 confirmations each, it can take up to 1 hour to complete. On Kraken, however, the transaction time is around 40 minutes since there are only 40 confirmations needed. Other factors, such as network congestion and wallet addresses, are equally important factors in the Dogecoin transaction speed.
What Effects the Dogecoin Transfer Speed?
Investors can buy Dogecoin on many leading cryptocurrency exchanges that can be transferred to other platforms and wallets, including the official Dogecoin Wallet. When ascertaining the speed of a Dogecoin transaction, there are three main factors that come into play:
- Network congestion: The biggest determinant of Dogecoin’s transfer speed is network congestion. It is one of the most sought-after cryptocurrencies in the world and, thus, has a high number of users. However, that is not the only factor behind network congestion; the number of DOGE tokens transferred also contributes to this issue. Dogecoin is an inflationary cryptocurrency whose count increases through mining. Therefore, there is always a risk of its value dropping severely. As such, crypto traders often buy hundreds of thousands of Dogecoins sometimes, which has a severe impact on the network. The number of users interested in this crypto only aggravates this issue.
- Destination Address: The second major impacting factor on Dogecoin’s transfer speed is the destination address. The type of destination address depends upon the type of wallet. For instance, transferring Dogecoin to a non-custodial wallet such as a Trust wallet or a cold wallet such as Trezor takes more time as compared to the custodial wallets that are hosted by cryptocurrency exchanges.
- Confirmations: The third major factor influencing the transfer speed of Dogecoin is the number of confirmations. Normally, it takes 60 network confirmations to complete a Dogecoin transaction. In the case of Kraken, 40 network confirmations are required to transfer Dogecoin, which can take up to 40 minutes.
How Many Confirmations Are Required For Dogecoin?
Dogecoin can only be sent through one blockchain, the Binance Smart Chain. Thankfully, since it is one of the most popular cryptocurrencies worldwide, many crypto exchanges and wallets support it. It allows users to transfer their DOGE holdings from one wallet to another and from an exchange to a wallet.
Most cryptocurrency exchanges that have listed Dogecoin require 60 confirmations for the transfer of DOGE to be completed. Here are the confirmations that top cryptocurrency exchanges in the world require to transfer dogecoin.
- Kraken: 40 confirmations
- Coinbase: 60 confirmations
- Binance: 60 confirmations
Is Dogecoin the Fastest Cryptocurrency?
The popularity and the fact that Dogecoin is an inflationary cryptocurrency make people believe it is the fastest cryptocurrency. It is not – not even by a mile. The speed of Dogecoin depends upon the network congestion, the destination address, and the confirmations required on cryptocurrency exchanges. Also, while it is ten times faster than bitcoin – taking 1 minute to execute one block, it still is far behind Proof-of-Stake tokens such as Ethereum, Solana, Cardano, and Polkadot.
That said, while Dogecoin is not the fastest cryptocurrency to transfer in the market, it is not the slowest either. The slowest crypto, to this day, is Bitcoin. Furthermore, since the arrival of the Ethereum Merge, Dogecoin has become the second-largest Proof-of-Work Crypto.
Can You Speed Up The Dogecoin Transaction Speed?
One of the many questions many investors ask is whether there is a way to increase the transaction speed of Dogecoin. It is partly due to some reports on Reddit that say that the transfer of Dogecoin can take up to several days. The only way to increase the transfer speed of Dogecoin, or any crypto for that matter, is to increase the gas fee payment. Increasing the gas fee payment is a way to allow the node operators to prioritize one transaction over the year.
For instance, if there is one transaction where the gas fee is barely 100 DOGE, and the other has a gas fee of 5000 DOGE, the network is going to prioritize the latter. It is similar to allowing an individual to cut through a line and get ahead. Why does it work? Because blockchains promote large transactions while deterring low-value or junk transactions.
Explaining The Basics
How does Dogecoin work?
Dogecoin, like Bitcoin, relies on the Proof of Work consensus mechanism. There are nodes run by many transaction validators to take it upon themselves to secure and validate every transaction. In return for providing aid to the network in solving complex mathematical equations, the node operators earn Dogecoin.
Another way to earn Dogecoin is through payments and purchases. For instance, there are certain cryptocurrency exchanges that offer a certain amount of Dogecoin to the crypto traders who buy any asset (tangible or otherwise) using crypto. Due to that reason, Dogecoin is an inflationary cryptocurrency. That is, the developers haven’t put any cap on its limit. Theoretically, it can be mined endlessly which makes it difficult to know how many Dogecoins are left to mine.
How does Dogecoin transaction work?
Dogecoin transaction work with a Proof of Work blockchain that uses Scrypt technology. A proof-of-work blockchain has node operators that use high-end machines to perform complex mathematical equations to validate a transaction. Unlike proof of stake, where the validators have to lock up a certain amount of crypto, Dogecoin blockchain’s validators don’t have to do so. Operators who validate the transactions and contribute the most to the network get to mine an equivocal number of Dogecoins.
While the transaction for Dogecoin is limited to Proof of Work, the Dogecoin foundation is creating plans to make a transition to Proof of Stake inspired by the Ethereum Merge. As per the Dogecoin Foundation Trail Map timeline of last year, the team is partnering up with Ethereum’s Vitalik Buterin to create a proof-of-stake proposal.
In that scenario, the validators will need to lock up their Dogecoin holdings to validate the transactions and secure the network. That process will also turn Dogecoin into deflationary crypto – much like Ethereum.
Frequently Asked Questions
The transaction time for Dogecoin differs depending upon the cryptocurrency exchange and the recipient and sender wallets. It can take up to an hour to transfer Dogecoin for Coinbase, which takes 60 confirmations. On Kraken, however, the transaction time is around 40 minutes since there are only 40 confirmations needed.
Transferring Dogecoin from a custodial wallet to a non-custodial wallet of Coinbase should take no more than 1 hour to complete depending on the network congestion at the time of sending.
Binance takes 60 confirmations before transferring Dogecoin.
Dogecoin is one of the industry's leading meme coins and has started diving into clear use cases to stay relevant. Transaction times for Dogecoin differs based on the network congestions, wallet address, and the number of confirmations we discussed in this article. If you're waiting more than 1 hour for a DOGE transaction to complete, then there's likely an issue with the transfer.