DOGE Hits A New ATH, Now Halfway to $1, as A Major League Baseball Team Accepts it as Currency

DOGE is back on the rise, hitting a new all-time high today at $0.495 and becoming the 5th largest cryptocurrency with a market cap of over $63 billion.

Ahead of self-proclaimed “Dogefather” Tesla CEO Elon Musk’s SNL appearance on May 8th, the meme coin has run up yet again, soaring over 75% in the past seven days. DOGE is currently trending on Twitter under the hashtags dogecoin and dogecoin to the moon.

This year so far, DOGE recorded 700,000 new holders, addresses with a balance, with a total of 3.7 million DOGE. The number of traders also increased by 286%, while on-chain volume has surged 35.5x from last year, as per IntoTheBlock.

$DOGE makes $GBTC, $ETHE & $ARKK look like money market funds in COMP<go> pic.twitter.com/Dio8NNwJZh

— Eric Balchunas (@EricBalchunas) May 3, 2021

According to billionaire Mark Cuban, DOGE is a joke, but it is legit, which “only works if they gain utility and users use them for that utility.”

Cuban’s Dallas Mavericks accepts DOGE among other cryptos as a payment option for tickets and merchandise and has constantly reported an increase in its usage. Cuban added,

“As long as you can spend DOGE because we know its annual inflation rate is set at 5b coins, it can gain SOME value as the utility grows. It becomes like any other currency… As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. If interest rates skyrocket or the amount spent falls or stagnates, so will Doge.”

If you don't understand $DOGE, you'll never really understand what happened with @GameStop https://t.co/KonCiNhqBO

— SBF (@SBF_Alameda) May 4, 2021

This adoption of DOGE took one step further this week as the Oakland A’s announced the addition of DOGE as a currency as well.

The Major League Baseball team is no stranger to crypto either, as it announced in March that it is accepting Bitcoin through cryptoprocessor BitPay which supports BCH, ETH, DOGE, and four USD-pegged stablecoins viz. GUSD, USDC, PAX, and BUSD and will be holding it. At the time, Oakland A president Dave Kaval said they are open to accepting altcoins as well.

Now, in a tweet on Monday, they gave the green light to Dogecoin. Fans can purchase seats to the game for 100 DOGE.

We just processed first Dogecoin transaction in @mlb history! #DogecoinToTheMoon @Athletics https://t.co/tgElcRrExf

— Dave Kaval (@DaveKaval) May 3, 2021

The team has already completed its first Dogecoin transactions in Major League Baseball history or tickets to see Oakland take on the Toronto Blue Jays at RingCentral Coliseum.