Newegg has a new payment option, it’s DOGE. It has no doubt been a rollercoaster week for the coin as it has been on a steady rise. In the past 20 hours, DOGE has witnessed an estimated 20% increase. However, some investors still think the worst will come. This new development has also aided in boosting the meme token to a considerable degree.
Newegg, an online retail platform earlier announced on its official twitter account that it was looking at the possibility of accepting DOGE as legal tender. The coin was has for a long time been considered a joke coin is now becoming serious business.
Company Tweet Gets Massive Reaction
On the 19th of April, Newegg made the announcement and asked its followers to retweet if they wanted it to happen. The tweet has since gained more than 1,500 retweets which indicates excitement from fans of the coin. The tweet also carried #Dogepay and #dogecoin.
Value of Coin Sure to Increase With More Acceptability
Billy Markus, who co-created the coin alongside Jackson Palmer had previously spoken about the chances of the coin rising when retailers start accepting it.
On March 20, he made a post on twitter informing the public that Newegg was accepting DOGE from customers. He joked that should anybody ask what the meme currency could be used to purchase, things like televisions, furniture, tech accessories should be mentioned, making reference to the goods on offer at Newegg.
The coin has since regained its top 5 spot in the world of crypto.
Newegg is not a new name in the world of cryptocurrencies as the company has been supporting cryptos for some time now. The company was one of the first to start accepting crypto as a means of payment. In 2014, Newegg accepted Bitcoin and other crypto.
Newegg is a global tech retail company with operations covering Europe, Latin America and Asia and the Middle East.
The Role of Elon Musk
The richest man in the world turns everything to gold. It can be recalled that his investment in Bitcoin saw a surge in the price of the crypto earlier this year.
As the Dogecoin is considered a meme coin, Newegg tweeted to Elon Musk asking if he was going to patronise them as the company now accepts Dogecoin. The tech guru has not yet given a response but it is no secret that he is an ardent fan of Dogecoin.
The last seven days have seen a steady rise in the value of the meme coin which is in part because of Elon Musk’s quite cryptic twitter post. The coin has continued to rise against all odds have other crypto have continuously fluctuated.
Dogecoin has its fair share of criticism nonetheless. The behaviour of the buyers of DOGE and Dogecoin itself has come under some scrutiny. They believe the coin is a ticking time bomb that will soon explode and leave investors with a lot of losses.
The notion that it will soon crash has however not stopped new investors from getting the coin. Some believe that the coin is soon going to hit the $1 mark.