Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

The only coin that emerged as the winner during the recent sell-off was DOGE.

The meme coin created as a joke in 2013 continues to make its way to the moon on the back of retail mania and popular brands helping keep it going.

This week, e-retailer Newegg announced that the company now accepts DOGE as an official payment method. Andrew Choi, Sr. Brand Manager of Newegg said,

“The excitement and momentum around cryptocurrency are undeniable, and the recent surge in Dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency,”

“We’re happy to give Dogecoin fans an easy way to shop online for tech.”

Last week, easyDNS, the first Internet Corporation for Assigned Names and Numbers (ICANN) registrar, said it now accepts DOGE as a mode of payment as well.

Trading just under $0.40, Dogecoin has dethroned Polkadot, Cardano, XRP, and Tether to become the 4th largest cryptocurrency and is now coming for BNB.

DOT -1.64% Polkadot / USD DOTUSD $ 5.94
-$0.10-1.64% Volume 156.14 m Change -$0.10 Open $5.94 Circulating 1.17 b Market Cap 6.96 b 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows ADA -0.37% Cardano / USD ADAUSD $ 0.35
$0.00-0.37% Volume 304.01 m Change $0.00 Open $0.35 Circulating 34.73 b Market Cap 12.25 b 1 y Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report XRP 4.49% XRP / USD XRPUSD $ 0.50
$0.024.49% Volume 3.13 b Change $0.02 Open $0.50 Circulating 51.68 b Market Cap 25.9 b 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card BNB -5.36% BNB / USD BNBUSD $ 311.21
-$16.68-5.36% Volume 735.19 m Change -$16.68 Open $311.21 Circulating 157.89 m Market Cap 49.14 b 1 y SEC Rejects Another Spot Bitcoin ETF, Binance Announces New System to Remove BNB from Circulation 1 y BitMEX Launches BMEX Token for Active Users, US Not Eligible for Airdrop 1 y Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions

The native token of leading crypto exchange Binance, BNB, is an $83.3 billion market cap coin as of writing.

The fact that $DOGE is #5 and about to flippen $BNB is a testament to:

1) the power of memes & social media influencers
2) the sheer amount of central banking liquidity sloshing around the system and inefficiently allocated
3) how much the truth there’s behind the IQ bell curve

— Qiao Wang (@QwQiao) April 19, 2021

DOGE is up a whopping 7,200% so far this year.

With a market cap of $52.6 billion, DOGE’s market capitalization is now larger than the likes of Ashton Martin, eBay, Ford, Barclays, HP, Chipotle, Peloton, and Delta Air Lines. It is now aiming for Jack Dorsey’s Twitter.

However, the new highs are not only coming to push up the price of DOGE, but on-chain metrics are showing just as much strength. Transactions per day and daily active addresses are currently at a level not seen since 2014.

Active address count is currently between 50k to 150k, as per Coin Metrics. Total fees on the network first registered an uptick in late January when it was about $500, which reached $187k on April 16.

But this might be just the beginning as while previously, the moon target was $1, now the younger retail investors are chanting for even double to triple-digit targets. While the crypto market didn’t expect the coin to ever be $1, it has become a very real possibility in this cycle.

According to the betting website us-bookies.com, there is now a 17% probability of DOGE hitting $1 by the year-end, up from 2.9% at the start of the month.

People have some rather big expectations from DOGE price today, on 4/20, referred to as “#Dogeday”— a day celebrated annually by cannabis smokers. The price actually hit 420 cents (going to nearly $0.430) today.

Guess what day it is? #DogeDay. Tomorrow? #DogeDay420 😎 (not an actual Snickers pack, just a cool #doge gif) pic.twitter.com/9GAeFsRJU9

— SNICKERS (@SNICKERS) April 19, 2021

The issue at the heart of it all is the high concentration of DOGE supply, which was also highlighted by Tesla CEO Elon Musk, who time and again continues to tweet about DOGE.

The largest wallet has 28% of all DOGE, while five wallets alone control 40% of the entire coin supply. Furthermore, 65% of all DOGE are kept in just 98 wallets across the world.

These whales are holding their DOGE in wait for enough traction in the market to dump their coins and become instant billionaires, cryptocurrency risk management platform TRM Labs’s Akand Sitra wrote in a LinkedIn post.