The leading meme coin, Dogecoin, has seen a massive boost from Venezuelan immigrants who have opted to use DOGE. Indeed, the token is continuing to evolve away from strictly being a meme coin. Specifically, its utility has taken massive strides in recent months.
In Venezuela, DOGE has granted financial reprieve. The country is facing horrid hyperinflation that has led to horrendous living conditions for citizens. With reports showing more than 7 million people fled the country, remittances have become an increasing reliance for these individuals. That is where Dogecoin has become so important.
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DOGE Proving to be Haven for Venezuelan Immigrants
Dogecoin has long been the face of the meme coin market. It leads the sector in market cap, and stands as the original offering in the space. Yet, its greatest challenge has been moving beyond that original intention, and offering traders more. That may be set to change.
Dogecoin has proven to be a haven for Venezuelan immigrants, who have shown an increased reliance on remittances. Certain studies show that 30% of Venezuelan households rely on these payments. Moreover, they account for 6% of the country’s entire $482 billion economy.
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Venezuela as a country received $5.4 billion in remittances in 2023, according to refugee assistance agency, R4V. $461 million, or 9% of that, was sent in crypto. Indeed, a recent Bloomberg report shows the increased importance of crypto to Venezuela’s economy.
One immigrant told Bloomberg DOGE offers “the lower transfer fees,” they could find.” This is especially true “compared to other cryptocurrencies or stablecoins which have higher fees in US platforms.”
The Dogecoin team took to X (formerly Twitter) to share that the platform was always meant to be “a simple means of exchange for everyday people.” This is a real-life example of that goal. Moreover, it presents a clear use case for the asset class, and the original meme coin.