- AMC, RedSwan are the latest companies to declare interest in Dogecoin (DOGE) for payments.
- Dogecoin network activity hits the lowest mark in four years, despite the hype in the market.
The world’s largest theatre chain, AMC Entertainment Holdings, is looking to accept Dogecoin (DOGE) for movie ticket payments, according to a Twitter poll by AMC’s CEO Adam Aron.
Aron, who regularly engages with his 177,000 Twitter followers on polls, said that the cryptocurrency-related poll resulted in the biggest engagement he is ever generated.
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.
In the poll, Aron said that AMC plans to add Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for online ticket payments by the end of the year. He then asked followers’ opinions about Dogecoin since many had previously suggested it as the preferable option.
The poll attracted 140,338 voters and 2000 comments, 7000 retweets, and 23000 likes. 68 percent said they would use Doge, 9 percent said they wouldn’t use it, 7 percent said Doge is a bad idea, while 16 percent thought it was a waste of effort.
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.
Dogecoin rallied 14 percent from an opening price of $0.20 on September 22 to the day’s high of$0.23 following the news. At press time, Doge is up 7.6 percent on the day, trading at $0.22 with a 24-hour trading volume of $1.7 billion and a market cap of $29.3 billion. The hashtag #DogecoinToTheMoon is also trending with over 12,000 tweets.
DOGE increasingly gains institutional acceptance.
Aron also noted that Tesla and SpaceX CEO and Dogecoin evangelist Elon Musk liked his poll. Consequently, Elon Musk tweeted:
Super important for DOGE fees to drop to make things like buying movie tix viable.
Other notable cryptocurrency influencers and investors engaged in the poll, including Mark Cuban, who suggested that AMC should use Bitpay for Dogecoin payments.
In August, Cuban called Dogecoin the strongest cryptocurrency as a medium of exchange. His company Dallas Mavericks started accepting Dogecoin payments in March 2021.
The news adds to the growing list of companies rallying support for Dogecoin. Recently, popular trading app Robinhood said that its upcoming cryptocurrency wallet will also offer support for DOGE.
Additionally, real estate tokenization firm RedSwan announced Wednesday that it would accept payments for two digital high-rise apartment buildings with fractionalized ownership. Both buildings dubbed APLO and LHOK are valued at roughly 4,447 DOGE or $384 million.
Transactions on Dogecoin network lowest mark in four years
Despite increased publicity, transactions on its network have hit lows last seen in December 2017, data by Bit Info charts shows. For the first time in four years, transactions on the network have hit a low of 16,000. This sharply contrasts the hype that surrounded DOGE in April and May, when transactions reached 140,000. The price of Doge has also declined by 69 percent from its all-time high of $0.73 in May, reflecting the lack of on-chain activity.
Dogecoin is a memecoin that started as a joke in 2013 and a hardfork of the Bitcoin network. In 2021, however, Dogecoin has been one of the most traded altcoins mainly due to influence from Elon Musk and users on Reddit and TikTok. Elon shills Dogecoin over other cryptocurrencies, primarily because it has “dogs and memes, whereas others do not.”
SpaceX said in May 2021 that it will literally take Dogecoin to the moon by launching a moon mission funded by the memecoin in 2022. However, Musk has also said in the past that his comments about Dogecoin should not be taken seriously.
The coin is often criticized for its low developer activity, an unlimited supply, and whale concentration that has been found to be over 80 percent.
Meanwhile, AMC soared almost 1800 percent in 2021, despite Covid-related effects on the movie theatre business.