Stars Align for Dogecoin as Use Cases Gain Traction
Dogecoin investors have a way of getting what they want. Most recently, they have convinced AMC Entertainment to add support for Dogecoin as a payment method. In addition, trading app Robinhood is adding cryptocurrency wallets for the coins it supports, including Dogecoin, which will make it easier for users to make purchases.
The stronger the use cases for Dogecoin, the more demand there is likely to be for the meme-coin. The Dogecoin price is up 6% in the last 24 hours but has lost 10% over the past week. Dogecoin is currently the No. 10 cryptocurrency with a market cap of $29 billion. The Doge price is hovering at $0.22, and Doge bulls are looking to see it reclaim the $0.30 level next.
AMC Entertainment CEO Adam Aron revealed on Twitter that the movie chain is clearing a path to accept Dogecoin. He made the decision on the heels of a Twitter survey in which he asked followers whether or not AMC should add the meme coin to its list of supported cryptocurrencies.
Aron was impressed by the results of the survey, saying it was his “highest ever read tweet” by a long shot. He even got the attention of Tesla chief Elon Musk, who “liked” Aron’s original tweet. Dogecoin investors are still trying to convince Musk to add Doge payments at Tesla.
Meanwhile, AMC’s Aron concluded,
“It’s clear that you think AMC should accept Dogecoin…Stay tuned!”
SO FASCINATING! Dogecoin Poll was by far my highest ever read tweet. In 24 hours, 4.2 million views, my most ever retweets, most ever replies. 140,000 votes 77% yes 23% no. It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned! pic.twitter.com/tkClzgMBMO
— Adam Aron (@CEOAdam) September 22, 2021
AMC already agreed to add bitcoin, Ethereum, Litecoin and Bitcoin Cash payments by year-end.
Trading app Robinhood made it official and announced that it plans to offer cryptocurrency wallets. The crypto wallets will give users more control over their assets on the platform. Robinhood is launching crypto wallets on a trial basis to start with plans to expand them to all users by next year.
Instead of just being able to buy and sell cryptocurrencies, which is the current status, users will soon be able to transfer crypto assets, including Dogecoin, off the Robinhood app.
Dogecoin investors have been pushing for crypto wallets on Robinhood to make it easier for users to spend Doge as a currency, the timing of which couldn’t be better with companies increasingly accepting crypto payments. Dogecoin co-creator Billy Markus called it a good day.
Super important for Doge fees to drop to make things like buying movie tix viable
— Elon Musk (@elonmusk) September 22, 2021
Elon Musk chimed in, saying it is “super important for Doge fees to drop to make things like buying movie tix viable.” According to Markus on the Twitter thread, this should happen by default as Dogecoin Core nodes upgrade to the latest version.