Dogecoin’s adoption is expected to rise in 2021. The meme coin has seen some significant adoptions this year. Dogecoin’s use as a payment method is now at the forefront of its campaign to establish itself as a serious crypto contender. According to data, the number of merchants who accept Doge as payment has increased by more than 60% in the last eight months. And has increased by more than 150 percent since 2020.
This is due to the asset’s low transaction fees, which make it suitable for carrying out a series of small transactions. In comparison to larger cryptocurrencies such as Bitcoin and Ethereum, where transaction fees are higher due to high network traffic. Dogecoin has proven to be the go-to cryptocurrency for payments, from purchasing movie tickets to purchasing real estate. Doge payments are currently accepted by over 1,700 merchants worldwide.
AMC and RedSwan Join the Dogecoin Bandwagon
AMC CEO Adam Aron recently concluded an online poll in which the community was asked if they wanted Dogecoin to be accepted as a payment method by the theater chain. The poll was launched following Aron’s announcement that, in addition to bitcoin, the entertainment company would accept Ethereum, Bitcoin Cash, and Litecoin payments by the end of the year.
According to the CEO, participation in the poll was extremely high. According to Aron, the poll has received over 4.2 million views and 140,000 votes. And the overwhelming majority of votes (77%) were in favor of AMC accepting Dogecoin. As a result, the CEO believes the message has been received loud and clear and stated that the theater chain will now figure out how to do so.
In a similar vein, commercial real estate tokenization platform RedSwan announced its intention to accept Dogecoin payments for some of its properties. RedSwan had listed two properties worth a total of $36 million. The company set the starting price for investments in the properties at $1,000 each and announced on its website that accredited investors would also be able to use Dogecoin to invest in these properties.
Doge fees are low, but they should be lower.
Elon Musk is the most well-known figure in the Dogecoin community. In the past, his tweets have caused Dogecoin and other dog-themed cryptocurrency projects to skyrocket. As a result, the billionaire’s words carry a lot of weight in the market. This time, Musk has stepped in to point out something that could help speed up Dogecoin adoption.
The billionaire took to Twitter to acknowledge AMC’s recent decision to adopt the meme coin. However, Musk stated that it is critical for Dogecoin fees to fall in order for them to be usable for purchasing movie tickets.
Right now, the average transaction fee for Doge is around $0.5. Although it is not the lowest transaction fee offering in the crypto space, given Doge’s popularity, the meme coin has kept its fees significantly low. However, “Dogefather” Elon Musk believes that Doge’s fee rate should be reduced even further in order to facilitate all of the cryptocurrency’s recent adoptions.