The power of the Dogecoin meme is strong despite DOGE’s transaction levels reaching the lowest since 2017.
Several companies have made DOGE adoption games this week, including Robinhood who has confirmed that it will roll out a new crypto wallet feature on its app next month that supports DOGE deposits and withdrawals. Memecoin co-creator Billy Markus (no longer working on the project) declared via Twitter earlier today:
“Okay, we’re allowed to overreact now. Robinhood wallets are huge news for Dogecoin – it opens up so many users to the true utility of cryptocurrency!”
Buy $ 384 million in real estate with DOGE
On September 22, the commercial real estate tokenization platform RedSwan announced that it would accept Dogecoin for two digital real estate transactions on its marketplace. The company is offering fractional ownership in two high-rise apartment buildings with a combined value of $ 384 million.
“[Dogecoin] is poised to move from a ‘same corner’ to legitimate institutional and transactional use cases, ”said Ed Nwokedi, Managing Director of RedSwan CRE.
The two digital real estate deals dubbed APLO and LHOK require minimum investments of $ 1,000 – approximately 4,447 DOGE at the time of writing – and offer an annualized internal rate of return to targeted investors of 26% and 19% respectively.
On the same day, Adam Aron, CEO of AMC Entertainment, took a poll of 140,000 people via Twitter, asking the community if DOGE should be added the company’s plans to support crypto payments for the tickets by the end of 2021. Of the four options offered, “Yes, sure, do it” received 68.1% of the vote.
I never thought I would see this day. @Elon Musk liked my tweet from the Dogecoin Twitter poll. If you also see this tweet, Mr. Musk, congratulations on Tesla and SpaceX. I have strived to be an innovator throughout my career, but you, sir, are the embodiment of innovation above all else. pic.twitter.com/rIW6OpOnYL
– Adam Aron (@CEOAdam) September 22, 2021
Following DOGE’s overwhelming support in the poll, Aron then said, “It is clear that you think AMC should accept Dogecoin. Now we have to figure out how to do this. Stay tuned!”
Former DOGE “CEO” Elon Musk stepped in to demand that the DOGE fee structure be lowered to support widespread adoption.
Super important for Doge’s fees to drop to make things like buying movies viable
– Elon Musk (@elonmusk) September 22, 2021
Related: Average DOGE Costs: Robinhood Deploys Recurring Crypto Buy Function at No Fee
Low levels of transactions
Despite the hype that intensified this week, DOGE trading levels have fallen to levels not seen since December 2017.
According to data from Bit Info Charts, the number of daily DOGE transactions plunged to 16,000 for the first time in four years. The figure stands in stark contrast to the DOGE-mania that swept through the crypto market in April of this year, causing a 24-hour trading spike of 140,000.
The lack of on-chain activity is reflected in the price and market cap of the DOGE, with the price declining 69% from its all-time high of $ 0.73 in mid-May to stand at $ 0.22 at the time of writing.