Although dogecoin might have started as a joke today it is gradually becoming everything but a joke. It is still maintaining its meme coin status that is easy and fun to interact with. Dogecoin has gradually become one of the most valuable cryptocurrencies available in the market. According to BitPay, it is becoming one of the main payment options in the market. The digital currency only ranks behind Bitcoin, Ether, and Bitcoin cash in payment volume. There is still a crypto enthusiast that is in doubt about the cryptocurrency and still believes that it is an overvalued asset.
BitPay one of the largest crypto payment platforms revealed that Dogecoin use has accelerated in the past few months. In march doge only accounted for 3.3 percent of all crypto payments, this doubled the following month to 7.8 percent the following month. In may, Doge accounted for 12.6 percent of all digital payments using crypto. Only Bitcoin, Ethereum, and Bitcoin cash were ahead of Dogecoin as revealed by BitPay.
Speaking to a crypto news outlet, BitPay CMO Bill Zielke stated that “very quickly it becomes a material coin for us. Because it has climbed in our network as fast as it has, there is utility there and the fact that merchants are seeing thousands of transactions in Dogecoin I would say it has utility”
Dogecoin’s rise as a payment option is not coming as a surprise. The meme coin has become a cryptocurrency that is loved by members of the crypto community. Newbies in the world of crypto see the coin as an entry point into their cryptocurrency journey. People like Snoop Dogg have shown love for Dogecoin by calling it one of the coolest around. Let’s not even talk about the self-acclaimed Doge father himself Elon Musk and Mark Cuban who want to advance the coin. No doubt the cryptocurrency has been received with lots of love and support since the beginning of 2021.
Musk in particular has tweeted about working with Doge developers to advance it for payments. Cuban on the other hand made it a payment method for his popular NBA Franchise Dallas Mavericks.
Despite all the positives around Dogecoin, some veterans still believe that it is overvalued. Dogecoin is worth 39.4 billion dollars, with each coin as at the time of reporting this selling for 0.307 cents. It is currently more valuable than HP, Ferrari, and Southwest Airlines to mention a few.
Barry Silbert the CEO of Crypto Giant Digital Currency Group, currently believes that there is an overvaluation of the meme coin. but he made it clear that he is excited to see what becomes of Dogecoin and also lauded its passionate community which he believes is one of the core strengths of the coin.
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