Dogecoin’s Role in Venezuelan Remittances Amid Migration Crisis

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Venezuelan migrants increasingly use Dogecoin for remittances due to low fees.
Crypto remittances made up 9% of Venezuela’s $5 billion foreign remittances in 2023.
Despite market downturns, Dogecoin is valued for its practical transaction use.

Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has found an unexpected use case: remittances. Venezuelan migrants are increasingly turning to DOGE to send money home due to its low transaction fees, according to a recent Bloomberg report.

Venezuela’s crypto remittances accounted for 6% of its GDP in 2023. That same year, foreign remittances amounted to $5 billion, with 9% ($461 million) consisting of cryptocurrency transactions.

Speaking on the development, Manuel Orozco, Director of the Migration, Remittances, and Development program, noted, “The number of Venezuelan migrants that are sending remittances has jumped 50-60%,” adding that migrants face challenges sending money through traditional means.

Orozco cited the case of Paola Moncrief, a Venezuelan citizen who moved to Texas in 2018. Seeking an affordable method to send mone…

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