Dogecoin has come a long way from being just a meme coin to becoming one of the most actively traded crypto assets, even outpacing some of its peers. Data from InToTheBlock revealed a notable trend: since the 30th of January, DOGE has initiated and processed more than 1 million transactions daily without any interruptions.
In a testament to its growing popularity as a token of substantial usability in the mainstream space, luxury car producer Ferrari recently announced integrating DOGE as a means of payment in the US. Bitpay is expected to also act as a settlement agent for payments made in DOGE.
Enrico Galliera, Chief Marketing and Commercial Officer of Ferrari, stated that this decision was made in response to customer requests and market trends. Ferrari’s commitment to innovation and catering to the needs of its clients is evident in this groundbreaking move.
Starting its journey as a spoof of Bitcoin, DOGE swiftly gained the ranks as one of the leading altcoins, thanks to its active community and host of celebrity endorsements, particularly from billionaire Elon Musk.
Ferrai’s addition has sparked excitement in the community. The Italian automobile firm became the second car manufacturer to integrate payment using Dogecoin, just after electric car maker Tesla. With this, DOGE now joins the likes of crypto behemoths Bitcoin, Ethereum, and USDC as payment options for customers looking to acquire Ferrari with crypto in America.
Dogecoin: More Than Just a Meme
The adoption rate skyrocketed to 86% as newly onboarded users engaged in their first transactions, according to previous insights from IntoTheBlock. This surge in activity is attributed to the renewed interest in Doginals, sparked by the release of Doom on the Dogecoin chain, and rumors surrounding Xpayments potentially attracting new users to DOGE.
Despite a muted price action, the popular meme coin continues to attract new users, defying market expectations. A recent analysis by well-known data aggregator Santiment found a notable surge in non-zero wallets, with roughly 414,000 new wallets added in just two weeks, predominantly holding 0.001-1 DOGE. This represents a 7.2% increase since January 22nd, showcasing the fastest growth in Dogecoin’s decade-long history.