Dogecoin has seen increasing adoption during the year 2021. The year has come with significant adoptions for the coin itself. Using Dogecoin as a payment method is now at the forefront of its campaign as a serious crypto competitor. Data shows that the number of merchants who currently accept Doge for payment has increased by over 60% in the past eight months. And is up over 150% from 2020.
This is attributed to the low transaction fees associated with the asset, which makes it suitable for performing a series of small transactions. Compared to larger cryptocurrencies like Bitcoin and Ethereum which have higher transaction fees due to their high network traffic. From buying movie tickets to buying real estate, Dogecoin has proven to be the go-to crypto for payments. With over 1,700 merchants around the world currently accepting Doge payments.
AMC and RedSwan jump on Dogecoin Wagon
AMC CEO Adam Aron recently concluded an online poll that asked the community if they wanted Dogecoin to be accepted as a payment method by the movie chain. The poll came after Aron announced that in addition to bitcoin, the entertainment giant will also be accepting Ethereum, Bitcoin Cash and Litecoin payments by the end of the year.
Related reading | AMC CEO Launches Dogecoin To Join Star Crypto Lineup Of Bitcoin, Ether And More
The engagement on the poll was immense, by the CEO’s own admission. Aron explained that the poll got more than 4.2 million views and 140,000 votes. And the majority of votes (77%) were in favor of AMC accepting Dogecoin. Thus, the CEO considers that the message received loud and clear and noted that the movie theater would now figure out how to do that.
In a similar vein, the commercial real estate tokenization platform RedSwan had also announced its intention to start accepting Dogecoin payments for some of its properties. RedSwan had listed two properties with a combined value of $ 36 million. The company set investments in the properties at a starting price of $ 1,000 each and announced on its website that accredited investors would also be allowed to use Dogecoin to invest in these properties.
Doge fees are low, but they must be lower
Elon Musk is arguably the most recognized name in the Dogecoin community. His tweets, in the past, have boosted both Dogecoin and various dog-themed crypto projects. The words of the billionaire therefore carry a lot of weight in the market. This time, Musk once again leaned in to point out something that could help speed up Dogecoin adoption.
Related reading | Robinhood is testing a new wallet to allow users to withdraw their cryptocurrencies, including Dogecoin
The billionaire took to Twitter to acknowledge AMC’s recent decision to adopt the coin itself. But Musk Noted that it is important that Dogecoin fees go down in order to make them viable for buying movie tickets.
The current average transaction fee for Doge is around $ 0.5. While not the lowest transaction fee offering in the crypto space, given Doge’s popularity, the coin itself has kept fees considerably low. But ‘Dogefather’ Elon Musk believes Doge’s fee rate needs to drop even more to ease any recent cryptocurrency adoptions.
Doge price maintaining momentum at $0.2 | Source: DOGEUSD on TradingView.com
Featured image from Bitcoin News, chart from TradingView.com