Dogecoin is more popular than ever despite the lowest transaction rates
The strength of the Dogecoin meme is high despite Dogecoin (DOGE) transaction levels hitting their lowest level since 2017.
Several firms announced their support for DOGE this week. Robinhood stated that it is going to roll out a new cryptocurrency wallet feature in its app next month that supports Dogecoin deposits and withdrawals.
In addition, commercial real estate tokenization platform RedSwan announced that it will accept Dogecoin for two digital real estate transactions on its marketplace. The firm offers fractional ownership of two high-rise apartment complexes totalling $384 million.
On the same day, AMC Entertainment CEO Adam Aron conducted a Twitter poll of 140,000 people asking the community if DOGE should be added to the firm’s plans to support crypto payments for tickets by the end of 2021.
Of the four proposed, the option “Yes, of course” got 68.1% of the votes.
After overwhelming support for DOGE in the poll, Aaron then stated that apparently AMC should now accept Dogecoin, and it remains to be seen how to do it.
Despite the hype surrounding DOGE this week, cryptocurrency transaction levels have dropped to lows not seen since December 2017.
According to BitInfoCharts, DOGE’s daily transactions fell to 16,000 for the first time in four years. This figure stands in stark contrast to the DOGE mania that swept the cryptocurrency market in April this year, resulting in a peak transaction rate of 140,000 in 24 hours.
In addition, the price has dropped 69% from an all-time high of $0.73 in mid-May to $0.22 at the time of writing.