Bloomberg: "King of Meme Coins" Dogecoin Is No Longer a Joke
Dogecoin was conceived as a joke, but 11 years later the token has become popular among merchants for paying for purchases. Bloomberg examined the features of the popular meme coin.
Journalists noted that the average commission in the network costs <span which is ~79 times cheaper than in the Bitcoin blockchain. Transactions are processed in less than a minute. DOGE is suitable for money transfers, where commissions reach 7% due to intermediaries.
Dogecoin's popularity is formed by its humorous nature and the support of celebrities such as Snoop Dogg and Lil Yachty, Elon Musk and Mark Cuban.
In 2021, the Dallas Mavericks of the latter introduced payment for goods and tickets in DOGE. To date, only 25,000 coins have been credited to the NBA team's accounts, according to Cuban. The entrepreneur called it “an inexpensive way to become part of a vibrant online community.”
The co-founder of New York’s Williamsburg Pizza, which accepts Dogecoin, noted its “virality.” In his opinion, this makes the cryptocurrency an effective marketing tool.
In the BitPay processing app, DOGE ranks fifth, ahead of XRP and USDC, Bloomberg noted.