The power of the Dogecoin meme is strong, despite the fact that DOGE transaction levels have hit their lowest level since 2017.
The power of the Dogecoin meme is strong, despite the fact that DOGE transaction levels have hit their lowest level since 2017. Many companies have been trying to accept DOGE this week, including Robinhood, which has confirmed that it will launch a new crypto wallet feature in its app next month that will support DOGE deposits and withdrawals. Memecoin inventor Billy Marcus (who is no longer working on the project) said earlier today on Twitter: "Okay, now we are allowed to overstate the Robinhood wallet. This is great news for Dogecoin - it unlocks the real benefits of cryptocurrency for so many users!"
On September 22, commercial real estate tokenization platform RedSwan announced that it would accept Dogecoin for two digital real estate transactions on its marketplace. The company offers fractional ownership of two high-rise apartment buildings for $384 million. “[Dogecoin] is on the verge of moving from a meme coin to a legitimate institutional and transactional use case,” said Ed Nvokedi, CEO of RedSwan CRE. The two digital real estate deals, called APLO and LHOK, assume a minimum investment of $1,000 – approximately 4,447 DOGE at the time of writing – and offer annual internal returns of 26% and 19%, respectively. That same day, Adam Aron, CEO of AMC Entertainment, surveyed 140,000 people on Twitter and asked the community whether DOGE should be included in the company's plans to maintain crypto ticket payments until the end of 2021. Of the four proposed options, it was "Yes.”. "He definitely did that" received 68.1% of the vote.
Then, after overwhelming support for DOGE in the poll, Aaron said, “You obviously think AMC should accept Dogecoin. Now we have to figure out how to do it. Stand in line! ” Former DOGE CEO Elon Musk has called for DOGE's fee structure to be reduced to support widespread adoption. Despite this week's bottleneck, DOGE's transaction rate has fallen to lows not seen since December 2017. According to Bit Info Charts, the number of daily DOGE transactions fell to 16,000 for the first time in four years. That number stands in stark contrast to the DOGE frenzy that hit the crypto market in April this year, leading to a 24-hour transaction peak of 140,000. The lack of activity in the chain is reflected in DOGE prices and market caps as prices have dropped 69% from a high of $0.73 in mid-May to $0.22 at the time of writing.
Retail platform Robinhood has introduced a new recurring crypto investment feature for consumers looking to convert average dollar prices (DCA) into coins. Given that Dogecoin (DOGE) accounts for 62% of Robinhood's cryptocurrency revenue, this move could result in a steady stream of small coin buyers. The company announced the launch of the new feature on Wednesday, and users can make recurring investments in multiple crypto assets on a daily, weekly, bi-weekly or monthly basis. The minimum purchase amount is $1, with companies promoting the feature as an easy path to DCA in the crypto market without paying any fees. “If you place an order and spend $100 to buy bitcoins, you get $100 worth of bitcoins. Time," said Robinhood.
According to the platform's website, recurring crypto orders are typically processed between 2:30 p.m. and 4 p.m. ET (18:30 to 20:00 UTC). Robinhood also states that during market volatility, consumers may receive less crypto than the stated purchase amount; However, the difference will be returned in fiat after the close of the trade. Cryptocurrency-based retailers will gain popularity on the platform in 2021. According to a Robinhood report for the second quarter, the cryptocurrency service generated $233 million in the quarter, accounting for 41% of its $565 million total revenue. In comparison, the company generated a total of $5 million in crypto trading revenue for the full year 2020. US payments giant PayPal is reportedly looking at ways to offer stock trading after launching its cryptocurrency trading service last year. PayPal is trying to buy or partner with broker-dealers to launch its own stock trading service to compete with competitors like stock trading app Robinhood, CNBC reported on Monday. Citing anonymous sources, the report notes that PayPal has had relevant conversations with potential industry players but is unlikely to launch a new securities service this year. CNBC said it took PayPal more than eight months to become a brokerage firm. As part of the alleged plot, PayPal has hired veteran broker Rich Hagen as the new CEO of PayPal's previously unknown Invest in department. According to Hagen's LinkedIn page, the executive will be responsible for "PayPal's efforts to explore opportunities in the consumer investment business." Hagen is the co-founder and former president of Ally Invest, a regulated brokerage firm that acquired online brokerage firm TradeKing in 2016. PayPal's new CEO is also President of TradeKing, which he co-founded in 2005.
PayPal officials said the company's potential plan to launch a stock trading service is in line with CEO Dan Shulman's long-term vision to include more financial services, including "investment opportunities." Previously, the CEO presented PayPal's product vision at the company's Investors Day in February. Following the news, PayPal shares rose 3.6% while Robinhood HOOD shares fell more than 6%, according to data from TradingView. In early August, Robinhood said cryptocurrency trading had seen a significant spike in the platform's popularity this year, accounting for 41% of its revenue in the second quarter of 2021.