Dogecoin on the rise, uniting Elon Musk and Mark Cuban
The emergence of DogeExpress, a payment processor made specifically for Dogecoin is further evidence that the memecoin is having the last laugh.
It is enjoying a purple patch at present due to the high speed and low fees of payments made on its platform. From starting as a very unserious venture 11 years ago, more and more people are sitting up to take notice.
Whether or not Dogecoin has the last laugh remains to be seen but its proliferation has united Elon Musk and Mark Cuban, two frequent adversaries on either side of the political spectrum.
Musk is known to be a fan of meme culture, particularly on his X social media platform. He has recently hinted Dogecoin could be reinstated as a payment option for Tesla merchandise after the feature was withdrawn earlier this year.
In August, Musk and Tesla secured the dismissal of a federal lawsuit alleging that they defrauded Dogecoin (DOGE) investors, by effectively creating a ‘pyramid scheme.’
Meanwhile, Cuban, the current minority owner of the NBA’s Dallas Mavericks has overseen the adoption of Dogecoin as a payment for merch and tickets. They embraced the cryptocurrency back in 2021 but Cuban admits the uptake has been modest so far, with around 25,000 Dogecoin accounted for.
The US tycoon and media personality has described Dogecoin as “an inexpensive way to become part of an incredibly vibrant online community.”
Our pitch for businesses on
accepting $DOGE is simple: pic.twitter.com/TE0eqLh5Yt— DogeExpress (@ExpressDoge) August 28, 2024
The fledgling emergence of DogeExpress
Dogecoin’s self-deprecating imagery and virality make it a marketing asset for businesses, including its proliferation on social media platforms such as X and Reddit.
The alternative currency is similar to other crypto assets such as Bitcoin (which plummeted yesterday due to the Middle East escalation) and Ethereum, which use blockchain technology to verify transactions.
DogeExpress is the merchant solution that was the brainchild of Aaron McCann, after six years of trying to fathom how to accept crypto at his Williamsburg Pizza joint in New York.
In-store, it is the only crypto you can use to pay for pizza, but other small business owners are grabbing a slice too. DogeExpress has only been in operation for less than three months, but already five other retailers have embraced it, with eleven more in the early stages of onboarding.
“Dogecoin is the only proof-of-work cryptocurrency with transaction times fast enough and fees low enough to be practical for merchants like myself,” said McCann to Bloomberg.
He admits payments in Dogecoin make up just a small fraction of gross sales at around 1%, “it’s a small, but growing part of our revenue,” he stated.
Image credit: Via Ideogram
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