Dogecoin has seen some significant adoptions in the year 2021.
Dogecoin’s use as a payment method is now at the forefront of its attempt to establish itself as a genuine crypto competitor.
According to available data, the number of shops that currently take Doge as payment has increased by more than 60% in the previous eight months alone. Furthermore, it has increased by more than 150 percent since 2020.
In part, this might be ascribed to the asset’s cheap transaction fees, which make it suited for conducting a succession of minor transactions. In comparison to larger cryptocurrencies such as Bitcoin and Ethereum, whose transaction fees are greater due to the massive volume of traffic on their networks.
Dogecoin has established itself to be the cryptocurrency of choice for payments in a variety of situations, ranging from purchasing theater tickets to acquiring real estate. Doge payments are currently accepted by over 1,700 merchants throughout the world.
An online survey conducted by AMC CEO Adam Aron recently finished with a positive response from the community, who expressed their desire to see Dogecoin embraced as a payment method by the theater chain.
The poll was conducted following Aron’s announcement that, in addition to bitcoin, the entertainment giant would begin accepting payments in Ethereum, Bitcoin Cash, and Litecoin by the end of the year.
According to the CEO, there was a tremendous amount of participation in the poll. Aron stated that the poll had received more than 4.2 million views and received 140,000 votes. And the overwhelming majority of the votes (77 percent) were in favor of AMC accepting Dogecoin as payment.
Thus, the CEO believes that the message has been received clearly and asserted that the theater chain will now proceed to figure out how to convey it.
Additionally, commercial real estate tokenization platform RedSwan had already stated its plan to begin taking Dogecoin payments for certain of its assets in the same manner as Coinbase.
RedSwan has listed two homes with a combined value of $36 million on the market. Investments in the houses began at $1,000 each, according to the company, which also stated on its website that accredited investors would be permitted to use Dogecoin to make investments in the properties.
Elon Musk is the most well-known figure in the Dogecoin community, and for good reason. In the past, his tweets have caused the price of Dogecoin and other dog-themed cryptocurrency ventures to skyrocket.
Consequently, the billionaire’s words carry a great deal of weight in the market. This time, Musk has stepped in to point out something that he believes may aid in the acceptance of Dogecoin in the near future.
The billionaire took to Twitter to express his appreciation for AMC’s recent decision to accept the meme coin. Musk, on the other hand, stated that it is critical for Dogecoin costs to decrease in order for them to be practical for purchasing movie tickets.
Doge currently charges an average transaction fee of approximately $0.5. Despite the fact that Doge is not the lowest transaction fee offering in the cryptocurrency world, given the meme coin’s popularity, the transaction fees have remained significantly low.
However, “Dogefather” Elon Musk feels that Doge’s fee rate should be reduced even further in order to support all of the new adoptions of the cryptocurrency that have occurred.