In this regard, the company’s CEO and co-founder Daniel Polotsky cited the “popularity and recent mass adoption” in recent times as the main reason for the initiative.
Doge coin’s price rallied 25% on February 4, soon after Tesla and SpaceX founder Elon Musk tweeted the image of a rocket lifting to moon and wrote ‘Doge’ underneath it.
Two days later, Musk continued with his promotion by conducting a survey asking whether Doge will be the future currency of this planet. Interestingly, 71.3% of the 2.40 million poll participants responded with a reply of ‘yes.’
Interestingly, Mark Cuban, who owns NBA Dallas Mavericks, said Forbes that the focus received by Doge coin is “not a bad look” for the crypto sector.
— Elon Musk (@elonmusk) February 4, 2021
The future currency of Earth
— Elon Musk (@elonmusk) February 6, 2021
Cuban said “[DOGE] gives you a better chance of winning than a lottery ticket all while teaching the economics of supply and demand and introducing people to crypto asserts. I truly love it as the lowest cost economics teaching tool available that entertains at the same time.”
In the initial two weeks of February, the crypto’s price rallied roughly 200% from $0.03 to almost $0.09. It has been consolidating at $0.05 since then.
A section of crypto enthusiasts believe that Dogecoin’s price rally was not thoroughly organic with 85% price rise happening because of Reddit group/WallStreetBets after the GameStop fiasco faded. A few days later (February 1), Kiss frontman Gene Simmons tweeted that he will invest in Doge, in addition to other cryptocurrencies, causing a 40% price rally in about 24 hours.
Over the past 12 months, Coinflip has recorded an exponential rise in demand, with revenue increasing by over 300% y-o-y as the firm boosted its ATM count from 441 to about 1,800 since January last year. Coinflip ATMs are deployed in 45 of the 50 states in the US. In addition to Bitcoin, Coinflip ATM also supports Ether (ETH), Binance coin (BNB), DASH, Litecoin(LTC), LINK, USDC and XLM.