The Dogecoin (DOGE) team has revealed a huge adoption milestone for the meme coin. Using its official X account, it highlighted the rising utility of DOGE in recent times. This latest milestone shows that Dogecoin has a real purpose.
The team tweeted that most of the crypto projects are chasing gains, but Dogecoin is different. The meme coin’s real goal is to be a simple means of exchange for people in their day-to-day lives. The team mentioned that DOGE lovers have been putting the coin to real use.
Their comments came after a recent report from Bloomberg. It revealed that families in Venezuela have turned to cryptocurrencies amid the recent economic downfall in the country. Many Venezuela nationals have migrated to countries like the United States.
These migrants have sent about $5 billion in remittances to their families in Venezuela, as of 2023. Bloomberg reported that almost 9%, or roughly around $461 million, of these remittances were sent in digital currencies. This shows the rising utility of crypto in different parts of the world.
Dogecoin surges in day-to-day use cases
Notably, Dogecoin is one of the most used currencies by these migrants. Bloomberg shared an example of a migrant who uses the meme coin to send money back home. It was revealed that the migrant prefers using DOGE owing to its low transfer fee compared to other options available on the crypto market.
Dogecoin is widely praised for its low transfer fee compared to other coins like Bitcoin (BTC) and Ethereum (ETH). Even Tesla CEO Elon Musk has praised the meme coin. Back in 2021, Musk expressed that DOGE is better than BTC and other coins in terms of transactions. He said it is the best crypto to buy things or make transactions.
Moreover, the Tesla CEO highlighted that Bitcoin is far better as a store of value compared to Dogecoin. Overall, DOGE has emerged as one of the most used coins in everyday life. The recent example of Venezuelan migrants using Dogecoin asserts the rising adoption of the coin.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya