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Wednesday, October 27, 2021

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Dogecoin is more popular than ever … even as TX’s hit the lowest level since 2017

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.

Dogecoin apartment building. Source: RedSwan

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.

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..

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.

Keep reading:

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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