Dogecoin has seen a slowdown in momentum with price crashes that plagued the market. Things like transaction count metrics have shown that Dogecoin can slow down as the asset loses more of its value. Bitcoinist reported in September that Dogecoin transaction counts had dropped to levels not seen since 2017. On-chain data showed that the number of daily transactions had dropped to 16,441 per day. This signals a decline in interest in the cryptocurrency, which had largely emerged from a hype.
Dogecoin use cases or lack of them have prevented the digital asset from achieving the highest growth possible. Because of this, as the altcoin grew in popularity, the Doge developers have taken steps to expand the uses of the coin beyond monetary policy. Some of them have cut transaction fees to make Doge a more attractive option for crypto payments.
Increase in the use of the Dog
Dogecoin co-founder Billy Markus had re-entered the Dogecoin market after previously selling all of his crypto holdings. Returned again, Markus is now again immersed in the Dogecoin community. Recently, the co-founder set out what he believed would help support Doge’s adoption; a Dogecoin Etheruem bridge and NFT support for the cryptocurrency.
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Markus said the DOGE-ETH bridge will be added as payment methods for NFTs on platforms like OpenSea. The co-founder stated that the high demand for NFTs and the ability to purchase them from Doge will increase the usefulness of the digital asset.
Two things I think would help Dogecoin:
1) Completion of the DOGE-ETH bridge
2) NFT platforms (e.g. Opensea) that enable the DOGE-ETH token to be used for purchases
Buying NFTs is in high demand in crypto. Allowing DOGE purchases from NFTs greatly increases the utility.
– Shibetoshi Nakamoto (@ BillyM2k) September 29, 2021
Dogecoin is taking the payment area by storm
One area where Dogecoin has seen increased utility was in the payments area. Its low transaction fees make it a prime candidate for conducting small transactions like paying for movie tickets and buying concessions at a movie theater.
Related reading | “Dogecoin Millionaire” reveals that he is still holding on to DOGE despite losses
The Dallas Mavericks have been accepting Doge payments for about eight months, and most recently Adam Aron, CEO of entertainment giant AMC Theaters, conducted a poll on Twitter in which the overwhelming majority chose Doge payments as an addition to their crypto payment options. When the CEO saw this, he said the theater chain would watch this Possibilities for integrating Dogecoin payments for tickets and discounts.
Recent price movements
Towards the end of the week, Dogecoin saw a significant price increase after a week of little momentum. The price fluctuated between holding the $ 0.2 level and falling below it, hitting a monthly low. Though the weekend could still bring some good news for the digital asset as it climbs back above $ 0.21.
Doge recovers above $0.2 | Source: DOGEUSD on TradingView.com
Falling prices have marginalized Dogecoin from falling out of the top 10 crypto coins by market capitalization. Currently, Doge’s market cap ranks 10th and is $ 28 billion. The price has increased 6% in the last 24 hours as the trading volume increased with the opening of the weekend. Dogecoin is trading at $ 0.216 at the time of writing.
Featured image from Phemex, chart from TradingView.com