Dogecoin offered massive profits in 2021 and peaked in popularity within months. Despite being one of the top 10 cryptocurrencies by market cap, it’s just a “meme” and falls short of its competitors in real use cases. However, serious steps are being taken so that DOGE can be used as a payment instrument. In addition, it is observed that the number of users accepting payments with DOGE has increased by 60% in the last 8 months. This rate has risen to over 150% since 2020. Apart from the news that the movie giant AMC will accept Dogecoin for payments, another company is adding DOGE to its list…
Why is Dogecoin preferred?
Because Dogecoin is able to process transactions with low fees, which makes it suitable for processing a range of small transactions. It is particularly advantageous when compared to larger cryptocurrencies such as Bitcoin and Ethereum, which have higher transaction fees due to high network traffic. Thus, outside of the backing of phenomena (Mark Cuban: The people’s unit), he proves that there is a cryptocurrency that can be used for payments, from buying movie tickets to buying real estate. There are over 1,700 users worldwide currently accepting DOGE payments.
AMC and RedSwan would dogecoin wagon
Cryptocoin. com, AMC CEO Adam Aron recently concluded a Twitter poll asking the community if they want Dogecoin to be accepted as a payment method by the theater chain. The survey comes after Aron announced that, in addition to Bitcoin, the entertainment giant will also accept Ethereum, Bitcoin Cash and Litecoin payments by the end of the year.
Participation in the survey was overwhelming by the CEO’s own admission. Aron announced that the poll received more than 4.2 million comments and 140,000 votes. And the majority of the votes (77%) were in favor of AMC accepting Dogecoin. So the CEO is assessing the message received and said that the theater chain will now figure out how to do this:
FASCINATING! The Dogecoin Poll was by far my most read tweet. 4.2 million views in 24 hours, I post the most retweedollar, I post the most. 140,000 games 77% yes 23% no. It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do this. Keep following us!
Likewise, commercial real estate tokenization platform RedSwan has also announced its intention to start accepting Dogecoin payments for some of its properties. RedSwan listed two properties with a total value of $36 million. The company has invested in properties with prices starting at $1,000 each, and announced on its website that accredited investors ($1,000,000 wealth) will also be allowed to use Dogecoin to invest in these properties.
DOGE transaction feesdollarseri expected to be lower
Elon Musk is arguably the most recognizable name in the Dogecoin community. In the past, his tweets have led to the rise of both Dogecoin and all sorts of dog-themed crypto projects. So the billionaire’s words carry a lot of weight in the market. This time around, Musk took the stage once again to point out something that could help accelerate Dogecoin adoption. The billionaire took to Twitter to appreciate AMC’s recent move to adopt Dogecoin. However, Musk said that it is important to make Dogecoin fares cheaper in order to make them suitable for buying movie tickets.
Currently, the average transaction fee for DOGE is around $0.5, and while it doesn’t have the lowest transaction fees in the crypto market, given its popularity, it can maintain fairly low transaction fees as a meme coin. But “Dogefather” Elon Musk believes that Doge’s fee rate should drop further to facilitate all recent adoptions for the cryptocurrency.