Dogecoin Adoption Surges as Venezuela Migrants Choose Telegram for Remittances
Release: 2024/07/09 23:59 Reading: 679
Venezuela has embraced cryptocurrencies as banks and Western Union/Moneygram impose hefty fees, with Dogecoin emerging as a leading option in South America.
Amidst Venezuela's severe economic crisis, citizens rely heavily on remittances from migrant workers. Dogecoin's low fees and swift transactions make it an ideal solution.
Dogecoin has evolved beyond its memecoin status, finding practical applications. Its latest foray is in remittances, where Venezuelans have turned to DOGE in the face of their economic woes.
Remittances play a pivotal role in Venezuela's economy. For two decades, the country has grappled with hyperinflation, widespread hunger, disease, and crime. This has led millions to seek refuge abroad, with over 7.7 million fleeing Venezuela in the past decade and an estimated 300,000 arriving in the US last year.
Venezuela has become increasingly dependent on remittances. Studies indicate that 30% of Venezuelan households receive regular remittances, which now account for approximately 6% of the country's economy.
However, Venezuelans face the same challenges as many in developing nations: high costs and limited access to remittance services.
Dogecoin to the Rescue
Cryptocurrency has emerged as a solution. According to R4V, a refugee assistance agency, Venezuela received $5.4 billion in remittances last year, with over $461 million (approximately 9%) in cryptocurrency. Bloomberg data shows that crypto's role has grown significantly, from $200 million in 2020 to its current level.
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Dogecoin has become a popular choice for remittances. As one Venezuelan immigrant explained to Bloomberg, DOGE has "the lowest transfer fees" compared to other cryptocurrencies or stablecoins.
The Dogecoin team acknowledged its growing significance in Venezuela, stating:
"While many crypto projects chase gains, Dogecoin's purpose is to be a simple means of exchange for everyday people. Shibes around the world are putting Doge to real use."
Risks and Considerations
While cryptocurrency has simplified remittances for many, it also presents risks. Dogecoin, like most cryptocurrencies, is known for its volatility. Some coins, such as Celestia (TIA), have experienced significant gains, while others, like Pepe, have rebounded. However, the value of tokens can fluctuate, making them less suitable for long-term holding. Stablecoins, such as Tether, have mitigated some of these risks and have gained popularity in Venezuela.
At press time, Dogecoin remained stable at $0.1072, with a 35% drop in trading volume. This aligns with the broader market trend, which saw a decline in total volume from $98 billion on Monday to $72 billion.
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