Dogecoin More Popular Than Ever...Despite Trading Levels Falling to Lowest Since 2017

Dogecoin’s strength remains strong despite trading at its lowest level since 2017.

This week, several companies announced plans to adopt DOGE, including Robinhood, which confirmed that it will launch a new crypto wallet feature on its app next month, supporting DOGE deposits and withdrawals. Dogecoin co-founder Billy Markus (who is no longer working on the project) tweeted earlier today:

"Well, we can overreact now, Robinhood Wallet is big news for Dogecoin - it allows so many users to see the true utility of the cryptocurrency!"

$384 million real estate purchase with DOGE

On Sept. 22, commercial real estate tokenization platform RedSwan announced that it will accept Dogecoin as payment for two digital real estate transactions on its marketplace. The company will offer fractional ownership of two high-rise apartment buildings for a combined value of $384 million.

Ed Nwokedi, CEO of RedSwan CRE, said: "Dogecoin is at a critical moment in its transition from 'memecoin' to legitimate institutional and transactional use cases."

Dogecoin Apartment Complex: RedSwan

Dubbed APLO and LHOK respectively, the two digital real estate deals have a minimum investment of $1,000, roughly 4,447 DOGE at the time of writing, and offer annualized target investor internal rates of return of 26% and 19%, respectively.

On the same day, AMC Entertainment CEO Adam Aron conducted a poll of 140,000 people via Twitter, asking the community whether the company should add DOGE to its plan to support encrypted payment of movie tickets by the end of 2021. Among the four options provided, "Yes, for sure do it" (Yes, for sure do it) received 68.1% of the votes.

I never thought this day would come. Elon Musk liked my Dogecoin voting tweet. Mr. Musk, if you happen to see this tweet too, congratulations to Tesla and SpaceX. Throughout my career, I have tried to be an innovator, but Mr. Musk, you are a model of innovation.

— Adam Aron (@CEOAdam) September 22, 2021

DOGE received overwhelming support in the vote, and Aron then said: "It's clear you guys think AMC should accept Dogecoin. Now we need to figure out how. Stay tuned!"

Former DOGE "CEO" Elon Musk has called for a reduction in DOGE's fee structure to support widespread adoption.

It is very important to reduce DOGE transaction fees so that it can be used to buy movie tickets

— Elon Musk (@elonmusk) September 22, 2021

low transaction level

Despite the hype surrounding Dogecoin this week, DOGE trading levels have fallen to their lowest levels since December 2017.

According to data from Bit Info Charts, the average daily number of DOGE transactions fell to 16,000 for the first time in four years. This figure is in stark contrast to the DOGE mania that engulfed the crypto market in April this year, when the number of 24-hour transactions peaked at 140,000.

The lack of on-chain activity is reflected in DOGE’s price and market capitalization, which is down 69% since reaching an all-time high of $0.73 in mid-May, at $0.22 at the time of writing.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness. In view of the fact that China has not yet issued policies and regulations related to digital assets, users in mainland China are advised to be cautious in digital currency investment.