Kronos Advanced Technologies, a publicly-traded company that focuses on consumer air purification technology, has announced it will be accepting Dogecoin as a payment method.
Dogecoin might not be the most valuable cryptocurrency. Or even the most recognized. But that hasn’t stopped it from growing in popularity.
Doge will now become a payment option for a publicly-traded company. In a Feb 1 announcement by Kronos Advanced Technologies, the company said it would be accepting the Shiba Inu inspired meme coin as a form of payment.
The company confirmed on Twitter that it would be accepting DOGE as payment for air purifiers and PPE supplies.
Dogecoin Continues to Push Adoption
The news comes as the meme coin experiences one of its busiest weeks in trading. The veteran crypto experienced a surge in price which has been linked to the Redditor group Wall Street Bets.
DOGE spiked 250% in price following the success of the GameStop (GME) price surge. It essentially pulled a similar move to the stock, which saw massive growth over the past two weeks.
Dogecoin soured to a staggering $0.08 days later. The all-time high for DOGE means the cryptocurrency saw a 800% move within two days of trading. The surge led stockbroker Robinhood to suspend trading of the cryptocurrency, citing overwhelming market conditions.
Even though the world’s richest man (Elon Musk) has previously mentioned the project, other celebrities have also jumped on the Dogecoin bandwagon this week. This includes the likes of Mia Khalifa. More recently KISS front man Gene Simmons also announced that he had bought into the hype.
The recent announcement by Kronos has done little to stop the recent dump in price. Dogecoin has seen a tumble from its FOMO-induced rally. The cryptocurrency is now down 58% in three days.
However, Kronos (KNOS) shares lit up green following the announcement. While it’s up 5.33% on the day, there aren’t any clear signs that dogecoin buyers purchased the stock.
Creator Speaks Out
Dogecoin founder, known only as Shibetoshi Nakamoto on Twitter, recently explained that he had nothing to do with the project’s price action. The creator commented that the only financial gain he had received from the project was purchasing a used Honda Civic.
The Dogecoin creator felt the need to speak out after receiving harassment from crypto community members related to dogecoin’s declining price.
The meme coin continues to make waves in the market. This latest adoption from Kronos is proof of that. Could dogecoin become a mainstream method of payment in the future? Only time will tell if this is just a fad, or if meme payments are the future.