Dogecoin’s popularity has skyrocketed at this stage in the crypto space, implying the power of the meme behind the cryptocurrency has been going strong. Despite being at the height of its popularity, Dogecoin tokens have been experiencing low transactions levels not seen since 2017 when the meme currency was still considered a joke.
The meme-inspired cryptocurrency has been adopted by multiple firms this week, including the renowned crypto platform Robinhood. Recently, the platform confirmed the rollout of its new crypto wallet feature on its app next month that will support deposits and withdrawals made with Dogecoin. The co-creator of Dogecoin, Billy Markus, who is now part of the Dogecoin foundation, stated that Robinhood’s new crypto wallet feature “opens up so many users to the real utility of cryptocurrency”.
Despite the hype surrounding the crypto asset this week, Dogecoin’s transaction levels have been dropping to lows similar to its level since December 2017. According to recent data, daily Dogecoin transaction levels have plunged to 16,000 for the first time since 2017.
The recent figure projects a stark contrast to the Dogecoin craze that rattled the crypto market earlier this year, resulting in a peak of 140,000 transactions under 24 hours. The price of Dogecoin and its market cap has been declining 69% after reaching its all-time high of $0.73 in May. Currently, the price of the meme currency sits at $0.22. To compare, Bitcoin is down 36.9% from its all time high.
Dogecoin was accepted by RedSwan, a commercial real estate tokenized platform, on Wednesday. The firm announced that it would accept Dogecoin for two virtual real estate projects on its marketplace. RedSwan is offering a fraction of ownership of two high-rise digital apartment buildings, when combined the deals are worth $384 million.
The virtual real estate projects, known as APLO and LHOK, are taking as minimum investments of $1k, roughly worth 4,447 Dogecoins at the time of announcement. The two digital real estate projects are offering annualized targeted investor internal rates of returns at 26% and 19%, for each deal respectively.
Edward Nwokedi, the CEO of RedSwan, believes that Dogecoin is on the verge of transitioning from a meme coin to a legitimate crypto asset with institutional and transaction use cases.
Adam Aron, CEO of AMC entertainment, conducted a poll of 140,000 people to ask the community whether Dogecoin should be added to the firm’s crypto payment tickets, resulting in 68.1% votes for approval.