Despite recording an all-time-high this week, Elon Musk’s much-talked-about crypto Dogecoin witnessed a decreased level of transactions for the first time since 2017. According to BitInfoCharts data, the meme coin dropped to 16k daily transactions, a figure that contrasts the rise in DOGE. The last time DOGE had a price frenzy in the market was in April, when the volume of transactions in 24 hrs hit 140,000. Dogecoin later slumped to $0.22 in mid-May from the all-time-high $0.73 recorded then.
Dogecoin Still Relevant
Dogecoin remains solid, even with the low transaction level. Several companies and businesses have adopted Dogecoin this week, including Robinhood, AMC, and RedSwan. This week, CEO of AMC Adam Aron announced that his company would be accepting Dogecoin for the payment of movie tickets before the year ends.
On Wednesday, AMC’s CEO asked his followers on Twitter if the cinema chain should accept Dogecoin payments for tickets. Surprisingly, he polled over 140,000 votes supporting the adoption, translating to about 68% of the votes. Following the massive votes, Aron said it was apparent everyone believed the company to accept DOGE. Elon Musk was particularly excited about the news but advised that DOGE should come more cheaply for wider adoption.
A week ago, AMC was unclear about adopting DOGE as one of its acceptable cryptos, following its stock value rise. However, the Twitter poll will eliminate any uncertainty about adoption. AMC is one of the biggest entertainment businesses in the United States.
On Wednesday, real estate tokenization firm RedSwan disclosed that it would accept Dogecoin for its digital real estate sales on its website. According to reports, RedSwan was selling fractional ownership in two of its high-rise buildings for $384M. The CEO Edward Nwokedi revealed that Dogecoin was about to make the biggest move yet, transitioning from its branded meme coin to transactional use cases. Investing in digital real estate required a minimum of $1k, about 4,447 DOGE with a promise of good returns on their investments.
In late September, free-trading and investing app Robinhood confirmed that it would roll out a feature for crypto wallets in October to support DOGE payments. The news implied that users would be able to send, receive DOGE, and trade the coin. Robinhood followed this with the launch of a fee-free recurring crypto feature that allows traders to invest in multiple crypto assets over a period.
The coin’s co-creator Billy Markus shared via Twitter that the Robinhood wallet was “huge news” for the community. Crypto trading activities have been the major source of revenue for the app. In Q2, the app generated $233M from crypto trading.