According to U.Today, the Dogecoin (DOGE) team recently announced a significant adoption milestone for the meme-based cryptocurrency. The team emphasized the increasing use of DOGE in everyday transactions, highlighting its purpose as a simple means of exchange for people in their daily lives. This announcement comes in contrast to many other crypto projects that primarily focus on financial gains.
The team's announcement followed a recent report from Bloomberg, which revealed that families in Venezuela have increasingly turned to cryptocurrencies amid the country's economic downturn. Many Venezuelan nationals have migrated to countries like the United States, sending remittances back home. As of 2023, these remittances amounted to approximately $5 billion, with nearly 9%, or around $461 million, sent in digital currencies. This trend underscores the growing utility of cryptocurrencies worldwide.
Dogecoin has emerged as one of the most frequently used digital currencies among these migrants. The low transfer fee associated with DOGE, compared to other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), has made it a preferred choice for sending money back home. This preference for Dogecoin was exemplified by a migrant's story shared by Bloomberg.
Tesla CEO Elon Musk has also previously praised Dogecoin. In 2021, Musk stated that DOGE was superior to BTC and other cryptocurrencies for transactions, although he noted that Bitcoin was a better store of value. The increasing use of Dogecoin in everyday transactions, as demonstrated by the Venezuelan migrants, further emphasizes the growing adoption of this cryptocurrency.