Dogecoin has become the favorite store of value for some citizens, and it’s right to say that the crypto has been rising steadily beyond expectations. According to a recent survey that studied crypto adoption by digital currency analytical website CoinMarketCap, one in nine adults owns cryptocurrencies.
Conor Sephton, an analyst of CoinMarketCap revealed that 11.4% of adults reportedly own digital assets. Among the 22 countries surveyed, Nigeria stood undisputed with 24.2% of the adult population owning one form of digital asset to the other.
Impressive crypto adoption was also recorded in Malaysia (18%) and Australia (17%). Other countries completing the top ten in terms of cryptocurrency adoption include; Indonesia, Hong Kong, Singapore, India, the Philippines, Mexico, and the United States. Japan reportedly has the smallest crypto adoption, with only 4.6% of the adult population holding cryptos.
DOGE, Others Amongst Most Adopted Cryptos in Several Countries
Interestingly, every country has its favorite crypto. For instance, the popular meme coin and Elon Musk’s fave Dogecoin is more preferred by crypto enthusiasts in the United States to other digital currencies. On the other hand, the majority of Australian crypto holders own Cardano’s ADA.
In Indonesia, crypto lovers hold Binance Coin, the utility asset of popular exchange Binance more than other cryptocurrencies. Contrarily, Singaporeans prefer Ethereum to other cryptos. Such is the nature of crypto adoption in different countries of the world.
DOGE Adoption: Key to Sustaining the Growth of the Meme Coin
No doubt, DOGE has grown tremendously in terms of adoption amongst businesses. Since the start of 2021, business chains have accepted the cryptocurrency as a means of payment. For example, the world’s largest movie theater chain AMC, added Dogecoin to its list of cryptos for e-giftcard payments in early October, with the anticipation that it would be used for ticket purchases.
Yesterday, the CEO Adam Aron, announced that the cinematic chain would accept Dogecoin ticket payments in Q1 of 2022. This implies that DOGE holders would be able to make concession stand purchases and buy tickets with the crypto.
Also, popular basketball team Dallas Mavericks, announced that it accepts Dogecoin payments. The owner, Mark Cuban, revealed that DOGE lovers can use the crypto to purchase any of the club’s merchandise. Dogecoin is increasingly becoming popular, and one reason for this is its unappreciative nature. Dogecoin is more like stablecoins – it’s not as volatile as other cryptos, such as BTC.
This is why more businesses need to adopt Dogecoin to sustain its growth. In September, Tesla CEO Elon Musk reiterated the importance of lowering Dogecoin transaction fees to increase adoption rates. While responding to AMC’s news on Doge, the billionaire was convinced that such a move is necessary for the meme coin to function as a viable means of payment. Before that, he suggested that speeding up the block production would help it win the war against Bitcoin.
A new Dogecoin upgrade was released in late August. Co-founder of DOGE Billy Markus, stated that upgrading to the new 1.14.4 version will improve bug fixes, lower fees, and enhance performance. This falls in line with the suggestions of Elon Musk.