Earlier this week on Tuesday, February 9, the Daytona Nissan dealership in Florida, USA announced that it has started accepting Dogecoin payments against its car sales.
#OMGGTR #Dogecoin #Doge #ToTheMoon #DogeArmy #DaytonaNissan #DogeToTheMoon #DogeCoinToTheMoon #DogeCoinToADollar #DogeCoinArmy #DogeCoinTo1Dollar #DogeToADollar #DogeCoin2021 #AdoptADoge #WeAreNotKidding #IsThisAJoke #NotAJoke 🚀🚀🚀 See Store for Details https://t.co/J8Ke7duFzE pic.twitter.com/tCEnzjJ6C3
— Daytona Nissan (@DaytonaNissan) February 9, 2021
The announcement came just at a time when Dogecoin (DOGE) skyrocketed to its all-time high of $0.84 after multiple tweets from Elon Musk. Kendall Garrison, Daytona Nissan’s said that it one of his IT employees who had suggested a Dogecoin promotion.
Until then, he knew very little about the cryptocurrency he admits. Garrison said:
“I mispronounced it several times and was promptly corrected. The response was overwhelming. My internet traffic was up almost 6,000%. It got shared on Facebook over a thousand times in the first half hour”.
However, the dealership has smartly limited its exposure to accepting only $5000 in DOGE. “We created a cryptowallet and that’s what we used to accept the Dogecoin payment in. This turned out to be a really, really good advantage and really good exposure for us”.
Customers have already turned-in opting this offer. Ricardo Santiago bought his Nissan Sentra by paying in Dogecoin. “I’ll buy a car if I have to, to support the cause because I love Doge and I love somebody who will adapt cryptocurrency,” Santiago said.
Bitcoin Analyst Warns About DOGE Investment
The Shiba Emu-based meme cryptocurrency Dogecoin has taken the Satoshi streets with storm registering a massive 41% over the last week. The DOGE price shot to its all-time high above $0.80 earlier this week after unprecedented support from the world’s richest man and Tesla CEO Elon Musk. Musk referred to DEOGE as the “future currency of the earth”.
Several popular personalities like Snoop Dog and Gene Simmons also extended support. However, popular Bitcoin investor and venture capitalist called Dogecoin as a “vehicle of speculation”. Speaking to CNBC, Carter said:
“Unfortunately a lot of retail punters are going to lose money on dogecoin in the long term because there’s really not much there in terms of interesting technology. The only thing it can really do is be zombified and stick around and be an empty shell for people’s expectations and for their entertainment.”
Do you agree to Carter’s views o you think that Dogecoin is here to stay forever. Let us know in the comments below.
Mapping how Dogecoin can make it in the big leagues
While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.
Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big?
DOGEing its way up
A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable.
This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.
Dogecoin average transaction fees | Source: BitcoinInfoCharts
What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance.
Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.
This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.
As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.
Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again.
Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.
Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin
The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.”
BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable. When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.
And what’s not to love about Dogecoin? After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled.
For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.
One Thing Must Happen To Spark Widespread Dogecoin Adoption, According to Elon Musk
Business magnate and billionaire Elon Musk says Dogecoin (DOGE) must make one key change before it can be realistically used for everyday transactions.
The fees associated with transacting DOGE are far too high, rendering the cryptocurrency not yet viable to be used as a medium of exchange, according to Musk.ADVERTISEMENT
Musk’s comments come on the heels of AMC Entertainment CEO Adam Aron conducting a poll which asked if the cinema chain should adopt the memecoin. Out of the survey’s 140,000 respondents, 77% said AMC should adopt Dogecoin.
In response to Dogecoin co-founder Bill Markus’s excitement about these poll results, Musk tweets,
“[It’s] super important for DOGE fees to drop to make things like buying movie tix viable.”
This marks the third time in recent months that Musk has called for DOGE to improve in some manner.
In June, Musk tweeted that it’s “important to support” a proposal by Dogecoin developers that suggested changing the crypto’s transaction fees, and in August he praised the memecoin for upgrading its node count, which did result in lower fees.
Currently, the average transaction fee for the memecoin is $0.49, a 414% decrease from its six-month high of $2.52, according to BitInfoCharts.
DOGE is currently trading at $0.22, according to CoinGecko.
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