Influenced by the enthusiasm of people in cryptocurrencies, US-based electronics-focused e-retailer Newegg has started accepting payments in another cryptocurrency using Bitpay. This time it’s the meme cryptocurrency Dogecoin (DOGE) instead of Bitcoin. This was officially announced in their April 20 press release.
Teasing the announcement on Twitter prior to its release, the online retailer asked Elon Musk if he would shop with them if they added his favorite cryptocurrency as a payment option. A part of the official tweet says “Hey @elonmusk, if we accept @dogecoin as a payment option, would you buy from us? #Dogeday #Dogecoin.”
The company claims this step was to celebrate Doge day, the day when Dogecoin is supposed to reach $1 (April 20).
All thanks to Elon Musk, Dogecoin is one of the hottest cryptocurrencies in the world with a market value of a whopping $50 billion. It’s expected to reach even higher considering the popularity of the meme coin. Newegg was quick enough to observe the potential of Dogecoin and added it as a viable payment option. The senior brand success manager of Newegg, Andrew Cho claims that this action reflects the enthusiasm and excitement of people for cryptocurrencies.
Dogecoin is not the first cryptocurrency the e-retailer giant has accepted as a payment option. They had already accepted Bitcoin back in 2014.
Dogecoin Adoption On The Rise
With the intense surge in the price of dogecoin (a whopping 2800% YTD), the merchant adoption of the meme cryptocurrency is on the rise. The NBA’s Dallas Mavericks also started accepting DOGE as payment for tickets and merchandise in March. The step turned out to be beneficial as the multi-billionaire owner of this team ‘Mark Cuban’ revealed that the Mavericks’ DOGE sales are up 550% in just one month. All this states that the hype around cryptocurrencies is real.