The altcoin has enjoyed a wild ride, if not one that has been uneven at times. For most of its existence, the coin was valued at a fraction of a penny. That did not stop crypto-enthusiasts and perhaps, even some dog lovers, from trading in the cryptocurrency anyway. All of a sudden, things started to turn around and Doge was sitting at almost $0.06 on March 21. On April 16, it reached $0.42.
While the coin has become a hot topic of discussion on social media and places like Reddit’s SatoshiStreetBets forum, it has also found its way into the mainstream news, as well. For example, Newegg, the popular technology e-retailer, used the unofficial #DogeDay, Tuesday, April 20, to announce that it will be accepting the cryptocurrency as a form of payment.
"I’ve said this from the start: I would like DOGE to do well, but much more important to me is that the community is a force for good. I don’t “own” Dogecoin. My stake is quite small for a creator. I’m just the guy who happened to make it, who will tell you things as they are."
According to Newegg, the company was the first large e-retailer to start accepting Bitcoin for purchases in 2014. “Similarly, Newegg is among the first to enable customers to pay with Dogecoin while shopping online,” it reads.
“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,” said Andrew Choi, Sr. Brand Manager of Newegg, in a statement. “We’re committed to making it easy for our customers to shop however works best for them, and that means letting them complete transactions with the payment method that suits them best. To that end, we’re happy to give Dogecoin fans an easy way to shop online for tech.”
In order to use Dogecoin on Newegg’s website, customers should select “Edit” under the payment options section on the site’s checkout page and then choose “BitPay.” This will allow customers to complete transactions using Dogecoins stored in digital wallets.
While some had hopes that the 4/20 “DogeDay” celebration would culminate in the coins value skyrocketing, the price of a Dogecoin lingered for most of the day and saw a number of pretty notable dips during trading hours in the U.S.
"ITS #DogeDay420 We are celebrating @SlimJim’s launch of their new NFT where 100% of net proceeds go to the World Center Kitchen Charity. Come watch me make all the bad choices in a choice game today all while wearing a Doge fit http://Twitch.tv/krystalogy #ad"
Dogecoin enjoys an interesting mix of backers, none more notable than Tesla’s top dog Elon Musk, who has frequently tweeted about the coin. Some speculate that high-powered influencers like Musk are directly responsible for driving the value of the coins.
“Dogecoin’s price is heavily influenced by social media users including Tesla chief Elon Musk, whose tweets on the cryptocurrency in February sent its price soaring over 60%,” according to an article from Yahoo! Finance.