With the price collapses that have afflicted the market, Dogecoin's momentum has slowed. Transaction count analytics have shown that Dogecoin's speed is decreasing as the currency loses more value. In September, Bitcoinist claimed that Dogecoin's transaction count has fallen to levels not seen since 2017. The number of daily transactions has fallen to 16,441 per day, according to on-chain statistics. This indicated a drop in interest in the cryptocurrency, which had been mostly based on hype.
Dogecoin's use cases, or lack thereof, have hampered the digital currency's ability to expand to its full potential. This is why, as the altcoin's popularity grew, Doge developers took efforts to broaden the coin's usefulness beyond its monetary policies. Some of them have reduced transaction costs to make Doge a more appealing cryptocurrency payment alternative.
Increasing Billy Markus, a co-founder of Dogecoin, has re-entered the Dogecoin market after selling all of his crypto assets earlier. Markus has re-entered the Dogecoin community after a brief hiatus. A Dogecoin-Etheruem bridge and NFT support for the cryptocurrency were recently proposed by the co-founder as ways to boost Doge adoption.
The inclusion of the DOGE-ETH bridge as a payment mechanism for NFTs on platforms like OpenSea, according to Markus. The strong demand for NFTs, as well as the ability to buy them using Doge, will enhance the digital asset's usefulness, according to the co-founder.
Dogecoin Is Taking Over The Payments Industry
The payments sector has been one area where Dogecoin has seen increasing usefulness. Its cheap transaction costs make it a good choice for minor transactions like purchasing concessions at a movie theater or paying for movie tickets.
For the last eight months, the Dallas Mavericks have accepted Doge payments, and most recently, Adam Aron, CEO of entertainment giant AMC Theaters, conducted a Twitter vote in which the overwhelming majority chose Doge payments to be added to its crypto payment choices. As a result of this, the CEO of the theater chain said that the company will investigate methods to incorporate Dogecoin payments for tickets and snacks.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.