July 25, 2024

Dogecoin is more popular than ever, despite TXs hit their lowest level


Although DOGE transaction counts being at their lowest since 2017, the Dogecoin meme still has much power.

Several companies have made DOGE adoption pushes this week, including Robinhood. They said that a new crypto wallet feature would be available on its app next month. This will enable DOGE withdrawals and deposits.

Billy Markus, the memecoin’s co-creator (who no longer works on the project), said on Twitter earlier today:

“Okay, we are allowed to overreact now. Robinhood wallets are huge news for Dogecoin – it opens up so many users to the real utility of cryptocurrency!”

Buy $384M in real estate with DOGE

RedSwan, a commercial real estate tokenization platform, stated on September 22 that it would accept Dogecoin for two digital real estate agreements. Additionally, the company is providing fractionalized ownership in two $384 million high-rise residential complexes.

“[Dogecoin] is on the cusp of transitioning from a ‘meme coin’ to legitimate institutional and transactional use cases,” says RedSwan CRE chief executive officer, Ed Nwokedi.

The two digital real estate projects, named APLO and LHOK, require a $1,000 minimum investment (approximately 4,447 DOGE at writing). Moreover, also promise a yearly projected investor internal return rate of 26% and 19%, respectively.

The AMC Push

AMC Entertainment CEO Adam Aron polled 140,000 people on Twitter the same day. Therefore, asking if they should include DOGE in the company’s plans to enable crypto payments for tickets by the end of 2021. “Yes, for sure do it” earned 68.1 per cent of the vote out of the four alternatives.

Following on from the massive support for DOGE in the poll, Aron then remarked.

“It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned!”

Moreover, former DOGE “CEO” Elon Musk joined in, urging a reduction in the DOGE pricing structure to encourage wider adoption.

Transaction volumes are low

Despite the excitement being at an all-time high this week, DOGE transaction numbers have plummeted to levels not seen since December 2017.

The number of daily DOGE transactions has dropped to 16,000 for the first time in four years. The statistic contrasts sharply with the DOGE frenzy that gripped the crypto market in April of this year, with peak 24-hour transaction volumes of 140,000.

The lack of on-chain activity is mirrored in the DOGE’s price and market cap, which has dropped 69% from its all-time high of $0.73 in mid-May to $0.22 as of writing.

Read More: AMC Theatres Explores Accepting Dogecoin, CEO Sees Awing DOGE Poll Results