Is the meme coin moving towards mass adoption?
For Dogecoin, the magic moment looks set to last. After the extraordinary growth it has brought to life over the last few months, the meme coin created by Jackson Palmer and Billy Markus has now been welcomed by 1800 ATMs located throughout the United States.Coinflip, the main provider of Bitcoin ATMs, announced the happy news. Whose co-founder and CEO, Daniel Polotsky, said it was an act as a result of the great popularity that now rewards DOGE.
Physical outlets for DOGE
Launched in 2013, the Dogecoin cryptocurrency (DOGE) has quickly gained popularity within the meme culture. Now, the DOGE, with the logo of a Japanese Shiba Inu dog, has been added to the 1,800 CoinFlip vending machines available in the United States.
CoinFlip, the largest provider of cryptocurrency vending machines, announced on Twitter that Dogecoin followers will be able to buy cash directly on its network. Above all, the company wants to listen to its customers:
“CoinFlip has always been about small businesses and individuals, and with recent events, Dogecoin has changed its perspective to more than just a cryptocurrency from a meme, it has become a symbol for small investors,” a CoinFlip spokesperson told CoinDesk by email.
CoinFlip’s ATMs are already known for providing access to the purchase of various cryptocurrencies such as bitcoin (BTC), ether (ETH), litecoin (LTC), chainlink (LINK) and stellar (XLM).
The company has expanded significantly in the United States, from 451 machines in February 2020 to 1,800 today in 45 states. It has reportedly announced to CoinDesk its attention to expand further with a target of 4,000 vending machines by the end of 2021.
Dogecoin supported by celebrities
It is obvious that CoinFlip is taking advantage of the craze that has been created around the Dogecoin. Recently, THE DOGE has seen its price skyrocket after being publicly supported by several influential figures such as Elon Musk, Snoop Dogg, Gene Simmons and Kevin Jonas. This general enthusiasm has motivated CoinFlip to take a closer look at Dogecoin.
For several months, Elon Musk, CEO of Tesla and SpaceX, has started talking regularly about Dogecoin on his Twitter profile. It is probably the celebrity that, through its actions, has contributed the most to the rise in the price of Dogecoin.
Elon Musk’s tweets about Dogecoin often cause a more or less powerful rise in the price of cryptocurrency. Last February, a series of tweets from the billionaire even allowed DOGE to enter the top ten of the most capitalized cryptocurrencies following a 45% increase in just 40 minutes.
The pump and dump on Dogecoin
The pump and dump of the DOGE train actually seems to have been very successful. As evidenced by the 14th place reached in the coinmarketcap market capitalization ranking.
A result that could, however, represent only a stage in the process of growth of the meme coin. At least this is the prediction of many analysts, convinced in particular by the fact that DOGE more than as a token is seen as a real phenomenon of costume. A psychological attitude that goes beyond the technical considerations that are usually based on cryptocurrency forecasts.In fact, Dogecoin does not seem to boast technical characteristics even remotely comparable to those of Cardano (ADA), the other cryptographic project that has been growing the most in recent months. Or those of Ethereum, considered fundamental for the growth of decentralized finance.
So, is Dogecoin moving towards mass adoption?
Coinflip’s announcement naturally prompted many observers to wonder what might happen now. The possibility of buying Dogecoin in ATM counters, in fact, could have as a direct consequence an even greater popularity for the meme coin. Finally, such as to lead to a real mass adoption of the token, even by people who have not so far shown particular interest in digital assets.A trend such, ultimately, that it can become an advantage for the entire crypto space. Which could leverage a less controversial tool than a Bitcoin that continues to be under the crossfire of traditional finance and politics. As demonstrated by the recent words of Letitia James, General Attorney of The State of New York. She called on investors to be very cautious, pointing out that BTC is basically an extremely dangerous asset due to its volatility.
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