Friday, January 28, 2022

Dogecoin more popular than ever… even as TXs hit lowest level since 2017

The energy of the Dogecoin meme is robust regardless of transaction ranges of Dogecoin (DOGE) hitting the lowest they’ve been since 2017.

Multiple companies have made DOGE adoption performs this week, together with Robinhood, which confirmed that it was going to roll out a brand new crypto wallet feature in its app subsequent month supporting DOGE deposits and withdrawals. The meme coin’s co-creator, Billy Markus (who not works on the undertaking), stated through Twitter earlier as we speak:

“Okay we’re allowed to overreact now Robinhood wallets is large information for Dogecoin – it opens up so many customers to the actual utility of cryptocurrency!”

Buy $384 million in actual property with DOGE

On Wednesday, business actual property tokenization platform RedSwan announced that it might settle for Dogecoin for 2 digital actual property offers on its market. The agency is providing fractionalized possession in two high-rise condo buildings price a mixed $384 million.

“[Dogecoin] is on the cusp of transitioning from a ‘meme coin’ to official institutional and transactional use circumstances,” stated RedSwan CEO Edward Nwokedi.

Dogecoin Apartment constructing. Source: RedSwan

The two digital actual property offers, dubbed APLO and LHOK, are taking minimal investments of $1,000 — roughly 4,447 DOGE on the time of writing — and are providing annualized focused investor inside fee of returns of 26% and 19%, respectively.

On the identical day, AMC Entertainment CEO Adam Aron performed a ballot of 140,000 individuals through Twitter, asking the neighborhood whether or not DOGE must be added to the agency’s plans to help crypto payments for tickets by the tip of 2021. Out of the 4 choices supplied, “Yes, for positive do it” acquired 68.1% of the votes.

Following the overwhelming help for DOGE within the ballot, Aron then said that “It’s clear that you just assume AMC ought to settle for Dogecoin. Now we have to work out how to do this. Stay tuned!”

Former DOGE “CEO” Elon Musk chimed in to name for the DOGE price construction to be lowered to help widespread adoption.

Related: DOGE Cost Averaging: Robinhood rolls out fee-free recurring crypto buy feature

Low transaction ranges

Despite the hype kicking into overdrive this week, DOGE transaction ranges have dropped to lows that haven’t been seen since December 2017.

According to data from BitInfoCharts, the variety of day by day DOGE transactions has plunged to 16,000 for the primary time in 4 years. The determine gives a stark distinction to the DOGE mania that swept the crypto market in April of this 12 months leading to peak 24-hour transaction ranges of 140,000.

The lack of on-chain exercise is mirrored in DOGE’s worth and market capitalization, with the worth declining 69% since its all-time excessive of $0.73 in mid-May to sit down at $0.22 on the time of writing.