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Dogecoin (DOGE) adoption is rising in Venezuela, the DOGE team announced, highlighting its cost-effectiveness for remittances.
Venezuela Embraces Dogecoin Amid Economic Crisis
U.Today reports major milestone in Dogecoin's (DOGE) adoption rate has been announced by the DOGE team. It brought attention to the increasing value of DOGE using its official X account.
This most recent achievement demonstrates that Dogecoin is serving a genuine function. Unlike other cryptocurrency initiatives, Dogecoin isn't just trying to make money, according to the team's tweet. A simple medium of trade for people's day-to-day lives is the true aim of the meme coin. Those who are enthusiastic about DOGE have been actively using it, according to the team.
Their remarks followed a recent Bloomberg report. It showed that, in the face of the recent economic collapse in the nation, Venezuelan households have resorted to cryptocurrency. A large number of Venezuelans have sought refuge in the United States and other developed nations. As of 2023, the remittances given to relatives in Venezuela by these migrants amount to approximately $5 billion.
Nearly nine percent, or around $461 million, of these transfers were made using digital currency, according to Bloomberg. As a result, crypto is becoming more useful in many regions of the globe.
Migrants Favor DOGE for Low-Cost Transfers
One of the most popular cryptocurrencies among these migrants is Dogecoin. Bloomberg reported on an immigrant who sent money home using the meme coin. The migrant's preference for DOGE was discovered to be its low transfer fee in comparison to other cryptocurrency options.
The minimal transfer charge of Dogecoin, in comparison to Bitcoin (BTC) and Ethereum (ETH), has garnered it a lot of accolades.
Elon Musk Endorses Dogecoin's Transaction Efficiency
The meme coin has even received praise from Elon Musk, CEO of Tesla. When asked about the relative merits of DOGE and Bitcoin in terms of transactions, Musk said in 2021 that DOGE is superior. He claimed it is the most efficient cryptocurrency for making purchases and payments. In addition, the CEO of Tesla emphasized that Bitcoin, not Dogecoin, is the superior cryptocurrency for storing value.
In general, DOGE is now among the most widely used coins in regular life. Recent cases of Venezuelan refugees adopting Dogecoin demonstrate the coin's increasing popularity.
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