Gerry Palmers Tech 11.01.2021 23:Nov PM EDT

Dogecoin Price Drops, But Could Get Massive Boost Soon With Burger King Promo

Burger King Blank Receipts Spam Thousands of Customers — Is There a Hacking Incident? — HAVANT, PORTSMOUTH - MAY 01: A general view of a sign for the Burger King drive-through in Havant, their first branch to reopen during coronavirus lockdown on May 01, 2020 in Havant, Portsmouth.
Photo : Naomi Baker/Getty Images

Dogecoin has once again slumped on Monday, falling about six percent to $0.25 over the last 24 hours.

As of this writing, however, the meme cryptocoin recovered slightly and is trading at $0.26, a rise of 0.3 percent based on a CoinGecko real-time tracker.

Such volatility is rampant, considering that DOGE had dropped from a recent surge to $0.29 last October 29. This was mainly due to a revelation from the popular commission-free trading platform Robinhood that user interest on Dogecoin has significantly fallen.

Robinhood Reveals Losing Trader Interest in Dogecoin

Robinhood said that transaction-based revenues credited to the once joke cryptocurrency had plunged to a recent low, a Daily Express report revealed.

Dogecoin once had a big share of Robinhood revenues, reported in May to be about one-third. Currently, the share has dropped to eight percent, the company said.

DOGE now has about $30 million of Robinhood's $364.9 million in net earnings, Daily Express further noted. While this is considered significant, it shows a major slide in trader interest in the token that is considered a crypto phenomenon this year.

Such news should certainly affect wider investor confidence in the coin.

Burger King Offers Promo Giving Away Dogecoin, Bitcoin, Ethereum

But with its slight recovery late Monday, a massive boost is still in the horizon for Dogecoin after Robinhood sealed a partnership with Burger King to give away the Shiba Inu-based tokens, along with Bitcoin and Ethereum. This is open to members of the burger restaurant chain's Royal Perks loyalty program who spend at least $5 on the Burger King app.

According to Burger King website, the jackpot prize will be worth two million Dogecoin, 200 Ether and about 20 Bitcoin.

For winners of the crypto prizes, they can redeem their coins by first registering an account with Robinhood. Users will have until November 21 or when the crypto supply is exhausted to participate. Each user can collect up to 21 cryptocurrencies during the promotion, Burger King stressed. These cryptocoins can be claimed until December 17.

Who Can Join Burger King Cryptocurrency Promo?

Burger King also indicated who could participate in its crypto promo. Aside from having a Robinhood account, the user should be at least 18 years old or 19 years old in Alabama and Nebraska. This is offered only in the U.S., except in Alaska, Hawaii and Nevada.

Even with the notable increase in establishments accepting cryptopayments using Dogecoin and this promotion, Burger King has yet to announce if it will accommodate food purchases using the meme coin or other cryptocurrencies.

Among the entities accepting Dogecoin for purchases include Mark Cuban's Dallas Mavericks and AMC Theaters.

DOGE had peaked at $0.68 in May, the closest it ever got to the dollar in its eight-year existence. Investors have not been as bullish as they were once were, but it could push the coin to above $0.50 in the near term.