CoinFlip will list DOGE across its nationwide network of ATMs, in an emphatic endorsement of the canine-themed cryptocurrency.
One DOGE to Rule Them All
According to CoinFlip’s CEO and Co-Founder, Daniel Polotsky, the move is part of its objective to “break down the barrier to entry” when it comes to the cryptocurrency space.
“CoinFlip’s mission has always been to bank the unbanked and break down the barrier to entry. In doing so we’re on a mission to make crypto currencies available to anyone who’s interested in investing, even in the most rural towns of America”Daniel Polotsky, CEO and Co-Founder of CoinFlip
The CEO says the Shiba Inu-inspired cryptocurrency will join a “portfolio of coins” as a result of its recent surge in popularity.
However, despite the good news, DOGE remains subject to the market’s gravity, down nearly 2% at press time. This comes after crypto’s resident “meme-coin” pushed on $0.9 following a flurry of famous endorsements.
Dogecoin The Elon Meme
Indeed, these endorsements came in the form of memes themselves. Early last month, Tesla CEO, Eon Mush, tweeted a picture of a rocket heading to the moon with the caption “Doge.”
The tweet caused the meme coin to surge over 50% as the cryptocurrency community responded in a traditional bullish fashion.
The eccentric billionaire is not shy of publicly expressing his support for DOGE, tweeting so much on the cryptocurrency that its community nominated him as the honorary Dogecoin CEO.
In fact, his effect on DOGE was the focus of a study by the Blockchain Research Lab. They discovered a significant relationship between his tweets and spikes in DOGE’s cumulative abnormal returns.
Doge a Serious World Currency?
Musk is open about his jocular approach towards DOGE, and he has also seriously suggested Doge as a potential world currency.
In a video recorded by The Hollywood Fix, the Tesla CEO touts cryptocurrency in general as the monetary system’s future on Earth. Asked whether this could apply to Dogecoin, Musk responds, suggesting that would be an ironic turn of events.
Nevertheless, the eccentric billionaire cautioned cryptocurrency enthusiasts regarding the whole space’s speculative nature, suggesting people hold on to their farms.
“But it should be considered speculation at this point. And, so, don’t go too far on the crypto-speculation front”Elon Musk – Tesla CEO
Whatever the future of crypto’s favorite canine-themed project, CoinFlip’s endorsement is a step in affording it some credibility.
Whether this will lead to mass-adoption, only time will tell.