Dogecoin Investors Hunt Catalyst in Hopes of Reclaiming Former Glory

People are still talking about the many cryptocurrency commercials that aired during this year's Super Bowl, for better or for worse. The game even earned the reputation as the “Crypto Bowl.” It's easy to see why.

Cryptocurrency exchange Coinbase's bouncing QR code ad set off a trend for its ingenuity. Coinbase shot up in the rankings to the second most downloaded app in the country, but as users flooded the landing page, the website became overloaded and crashed. Comedian Larry David was another big hit, belonging to FTX, yet another crypto exchange. It was a toss-up on which ad the crypto community liked better, and the mainstream got a glimpse into how the crypto-verse operates.

The fanfare did little to lift bitcoin and the broader cryptocurrency market out of the doldrums at first, but now prices are beginning to look alive, including Dogecoin, the industry's very first meme coin. The Doge price has been stuck in a tight range of approximately $0.14-0.15. For Dogecoin investors waiting for the Doge price to regain the $0.20 level and beyond, the Crypto Bowl was less about the commercials they saw and more about what was missing.

doge price
Dogecoin 1-Year Chart | Source: CoinMarketCap

 

Mc Snub

Dogecoin gained its reputation as a meme coin by trading on social media sentiment. It has since developed some real-life use cases, much to the surprise of market leaders, one of which has been speedy and cheap payments. The average transaction fee for a Dogecoin transaction is currently $0.214 compared to $1.90 for bitcoin.

Dogecoin has made its way into brands like Tesla, where Elon Musk added support to accept the cryptocurrency as payment for merchandise. Fellow billionaire Mark Cuban is also a Dogecoin fan. His NBA team, the Dallas Mavericks, supports Dogecoin for online ticket and merchandise sales.

Elon Musk is responsible for bringing fast-food retailer McDonald's into the crypto conversation, recently promising to eat a Happy Meal on television if the company decides to accept Dogecoin, one of the three cryptocurrencies he owns in addition to bitcoin and Ethereum. McDonald's has been engaging with the cryptocurrency community on Twitter ever since, even teasing something big on Super Bowl Sunday.

When Musk chimed in on the Twitter thread, Dogecoin investors had reason to be optimistic. They started following the McDonald's Twitter account in droves to anticipate the validation. The Doge community bet that their favorite cryptocurrency was about to be thrust into the fast-food mainstream, but they were sorely disappointed.

Instead, McDonald's pushed an ad in which it roasted its customers. Even if the ad was right on the money, it didn't involve the kind of money that cryptocurrency investors were hoping for — Dogecoin. Instead, it shined a spotlight on the menu variety and what customers must sound like to employees.

Kanye West made a surprise appearance in a Back to the Future-type cameo. Kanye recently expressed his disinterest in blockchain-fueled NFTs (which use crypto for payments), so Doge fans might have preferred to see Elon Musk. If McDonald's is drumming up plans to accept Dogecoin payments, they play their cards close to the vest. We have reached out to the company and will update this article if we receive a response.

In the meantime, many Dogecoin fans put McDonald's on notice, threatening to unfollow the Twitter account unless the fast-food chain stepped up, many of whom claim to have followed through. Dogecoin co-creator Billy Markus urged the Doge community not to act entitled or in a counterproductive way. Markus, who goes by Shibetoshi Nakamoto on Twitter, seemingly in a nod to bitcoin creator Satoshi Nakamoto, also agreed that the McDonald's ad “was kinda lame.”

As more businesses choose to accept cryptocurrencies like Dogecoin, it strengthens the use case for the coin. The more utility that Dogecoin has, the higher the demand is likely to be, potentially leading to a higher price. Dogecoin investors seem to be open-minded, and if McDonald's doesn't want to play ball, they will turn their attention elsewhere.

Jay Hao, CEO of crypto exchange OKX, already shifted the discussion to a completely different planet, pondering if the merchandise store at Elon Musk's Mars-focused company, SpaceX, and its internet project Starlink would accept Dogecoin. Musk, the ball appears to be in your court.

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This post was produced and syndicated by Wealth of Geeks.

Featured Image Credit: Shutterstock 


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