Within the week, the Dogecoin transaction levels have fallen in value down to tremendous depts. For some time, the coin slowly dropped to its current position being its lowest since the year 2017. This is a period of lots of speculation by holders of the coin as to the expected depth of this fall and anticipated recovery. Many transactional free falls have transformed into super spikes overnight and that’s one beauty of this marketplace. With that aside, the reality remains that Doge transaction levels are currently at it’s lowest in years.
Based on data from crypto professionals, the number of daily DOGE transactions has now fallen to 16,000 for the first time in four years. This data is truly a shadow of a glory-filled past with jaw-dropping daily transactional figures that we’re simply unbelievable and as of April this year, figures were as high as 140,000 daily transactions. The lack of on-chain activity is reflected in DOGE’s price and market capitalization, with the price declining 69% since its all-time high of $0.73 in mid-May to sit at $0.22 at the time of writing.
With all this downtime, it’s still amazing how the power of the Dogecoin meme is strong despite transaction levels plunging. This can be linked to some recent happenings though including the fact that multiple firms have made DOGE adoption moves within this week, including Robinhood.
The firm confirmed that it was going to roll out a new crypto wallet feature in its app next month supporting DOGE deposits and withdrawals. The meme coin’s co-creator, Billy Markus (who no longer works on the project), stated through one of his social media accounts that the Robinhood wallet is big news for Dogecoin, pointing that it opens up so many users to the real utility of cryptocurrency.
As if that wasn’t enough, RedSwan which is a commercial real estate tokenization platform revealed that it would accept Dogecoin for two digital real estate deals on its marketplace. The firm is offering fractionalized ownership in two high-rise apartment buildings worth a combined $384 million. The two digital real estate deals, dubbed APLO and LHOK, are taking minimum investments of $1,000 — roughly 4,447 DOGE at the time of writing and are offering annualized targeted investor internal rates of returns of 26% and 19%, respectively.
Recently, the CEO of AMC Entertainment, Adam Aron conducted a poll comprising of 140,000 individuals through Twitter and he used the platform to ask the community if DOGE should be added to the firm’s plans to support crypto payments for tickets by the end of 2021. Out of the options provided, “Yes, for sure do it” received 68.1% of the votes. Following the overwhelming support for DOGE in the poll, Aron then stated that “It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned!”
What great interaction between big names, it’s moves like this that help boost brands Online along with several other factors. The Dogecoin is truly showing resilience and this could be the needed ingredient to transform it from a ‘meme coin’ to a legitimate institutional and transactional use coin.