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Dogecoin (DOGE) Team Reveals Major Adoption Milestone
Mushumir’s Ass
Venezuelan Migrants Prefer Using Dogecoin (DOGE) to Send Remittances
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The Dogecoin (DOGE) team has revealed a huge milestone in the adoption of the meme coin. Using its official account X, highlighted the growing utility of DOGE in recent times. This latest milestone proves that Dogecoin has a real purpose.
The team tweeted that most crypto projects are looking for revenue, but Dogecoin is different. The real goal of the meme coin is to be a simple medium of exchange for people in their daily lives. The team mentioned that DOGE lovers have used the coin in a real way.
Their comments came after a recent relationship from Bloomberg. It revealed that families in Venezuela have turned to cryptocurrencies during the country’s recent economic crisis. Many Venezuelan citizens have emigrated 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 nearly 9%, or about $461 million, of these remittances were sent in digital currencies. This shows the increase usefulness of encryption in different parts of the world.
Dogecoin Rises in Everyday Use Cases
In particular, Dogecoin is one of the most used currencies by these migrants. Bloomberg shared an example of a migrant using the meme coin to send money home. It was revealed that the migrant prefers to use DOGE because of its low transfer fee compared to other options available on the cryptocurrency market.
Dogecoin is widely praised for its low transfer fee compared to other coins like Bitcoin (BTC) and Ethereum (ETH). Tesla CEO Elon Musk has also praised the meme coin. In 2021, Musk expressed that DOGE is better than BTC and other coins in terms of transactions. He said it is the best cryptocurrency to buy things or make transactions.
Furthermore, Tesla CEO emphasized that Bitcoin is much better as a store of value than Dogecoin. Overall, DOGE has emerged as one of the most used coins in everyday life. The recent example of Venezuelan migrants using Dogecoin confirms the growing adoption of the currency.
About the author
Mushumir’s Ass
With over three years of immersive experience in the cryptocurrency industry, Mushumir is a seasoned crypto writer committed to unraveling the intricacies of blockchain technology and decentralized finance. From analyzing the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insights and communication flair to the cryptocurrency space. Having written countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and newcomers to the cryptocurrency industry.