The power of the meme Dogecoin is strong despite DOGE transaction levels reaching the lowest level since 2017.
Multiple companies have made DOGE adoption plays this week, including Robinhood, which confirmed that it will roll out a new cryptocurrency wallet feature in its app next month., supporting DOGE deposits and withdrawals. The co-creator of the memecoin, Billy Markus (who no longer works on the project), declared via Twitter today:
“Okay, we are allowed to exaggerate now. Robinhood wallets are great news for Dogecoin – it opens up to so many users the real utility of cryptocurrency! ”
Buy USD 384 million in real estate with DOGE
On September 22, the commercial real estate tokenization platform RedSwan announced that it will accept Dogecoin for two digital real estate offerings in its market. The firm is offering fractional ownership in two high-rise apartment buildings for a combined value of $ 384 million.
“[Dogecoin] is on the cusp of the transition from a ‘meme currency’ to legitimate institutional and transactional use cases “said RedSwan CRE CEO Ed Nwokedi.
The two digital real estate operations, called APLO and LHOK, accept minimum investments of USD 1,000 -approximately 4,447 DOGE at the time of writing this article- and offer investors an annualized internal rate of return of 26% and 19%, respectively.
On the same day, the CEO of AMC Entertainment, Adam Aron, conducted a survey of 140,000 people via Twitter asking the community if DOGE should be added to the company’s plans to support cryptocurrency payments for tickets by the end of 2021. Of the four options provided, “Yes, sure, let’s do it” received 68.1% of the votes.
I never thought I would see this day. @ElonMusk liked my Dogecoin Twitter Poll tweet. If you happen to see this tweet too Mr. Musk, congratulations on Tesla and SpaceX. I have strived to be an innovator my entire career, but you sir are the epitome of innovation above all others. pic.twitter.com/rIW6OpOnYL
– Adam Aron (@CEOAdam) September 22, 2021
I never thought I would see this day. @ElonMusk liked my tweet from the Dogecoin survey on Twitter. If you happen to see this tweet too, Mr. Musk, congrats on Tesla and SpaceX. I have strived to be an innovator my entire career, but you, sir, are the pinnacle of innovation above all others.
Following up on the overwhelming support for DOGE in the survey, Aron stated that “You clearly think AMC should accept Dogecoin. Now we have to figure out how to do it. Stay tuned.”.
The former “CEO” of DOGE, Elon Musk, weighed in to ask that DOGE’s fee structure be lowered to support mainstream adoption..
Super important for Doge fees to drop to make things like buying movie tix viable
– Elon Musk (@elonmusk) September 22, 2021
It is very important that Doge fees go down so that things like buying movie tickets are viable.
Low transaction levels
Even though the hype has skyrocketed this week, DOGE’s transaction levels have fallen to lows not seen since December 2017.
According to data from Bit Info Charts, DOGE’s number of daily transactions has plummeted to the 16,000 mark for the first time in four years. The figure offers a stark contrast to the DOGEmania that swept the cryptocurrency market in April this year, resulting in peak 24-hour transaction levels of 140,000.
The lack of activity in the chain is reflected in the price and market capitalization of DOGE: it is trading 69% lower from its all-time high of $ 0.73 in mid-May, to stand at $ 0.22 at the time of writing this article.