Dogecoin Adoption Growing Faster Than Ever: To The Moon Soon?

Dogecoin DOGE/USD is seeing its adoption surge at a much faster pace than ever before, despite a recent price downturn.

What Happened: Dogecoin can now be spent at 1,704 merchants, according to CryptWerk data. This is up 41.3% from 1,206 merchants at the end of January and 61.63% higher than in January 2020, when the coin was accepted by only 640 merchants.

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On Wednesday, commercial real estate tokenization firm RedSwan announced that two digital real estate deals on its marketplace for a total value of $384 million will feature Dogecoin as a payment option.

This follows Mark Cuban’s Dallas Mavericks starting to accept Dogecoin payments in March. This week, AMC Entertainment Holdings, Inc. AMC CEO Adam Aron ran a poll asking whether the theater chain should accept Dogecoin as a payment option.

Up until now, the company excluded Dogecoin from the cryptocurrency payment options that it planned to start accepting later this year.

Tech tycoon and Tesla TSLA CEO Elon Musk also ran a similar poll in May asking if people wanted Dogecoin payment options for purchasing one of the firm's luxury electric cars.

While the crowds apparently answered with an enthusiastic "yes," there's no announcement by Tesla about accepting Dogecoin as of yet.

Price Action: Dogecoin is trading at 22 cents Thursday, up 4.33% over 24 hours.  

See Also: IS DOGECOIN A GOOD INVESTMENT?