Dogecoin might have been in the doldrums lately, but don't count your cute "doggy coin" out!
Indeed, the meme coin has definitely come a long way from its origins as a "joke" token, with more and more use cases accumulating. Quite expectedly, dog walking app "Wag!" announced it will start accepting Dogecoin and Ethereum as one of their payment options in the app through BitPay, Yahoo! Finance reported.
Dogecoin Investment Boost: Accepted as Payment Option For Wag! App
BitPay is a payment gateway for merchants to process and accept digital currencies. Using BitPay, pet owners can use the cryptocurrencies to purchase "Wag! credits" to pay for Wag! services such as dog walks, overnight stays, training and veterinarian pointers, among others.
Dogecoin advocates welcomed the development, indicating they would aggressively promote the app on social media.
Wag! also announced that it will allot a share of its cryptocurrency revenue to environmentally friendly charities, Yahoo! Finance added. This certainly would get the attention of Tesla CEO Elon Musk, whose environmental push led to Tesla's canceling of Bitcoin as a payment option due to its use of fossil fuels in mining activities.
DogecoinValue Continues Fall Despite Rise in Use Cases
Despite this rise in use cases, Dogecoin still fell 6.2 percent from Thursday's value, the Motley Fool reported, due to a wider cryptocurrency selloff. But what contributed to further uncertainty is what Coinbase co-founder Fred Ehrsam predicted on Bloomberg, saying that "90 percent of NFTs produced...will have little or no value in three to five years."
While NFTs and cryptocurrencies are not one and the same, they are both dependent on blockchain technology and are even indistinguishable in the eyes of investors. Thus, having the Coinbase founder making disparaging remarks over the NFTs' future discouraged investor's confidence in cryptocurrencies, especially the emerging Dogecoin with still growing use cases.
He further said that most of the millions of cryptocurrencies in the coming years will not work, as governments will fail in efforts to regulate those that will remain in us. Certainly, these are statements that would further discourage investors.
Dogecoin Investment: 'Never Dismiss a Good Meme'
However, even with his grim prediction for NFTs and a majority of cryptocurrencies with stern warnings to government cryptocurrency regulators, Ehrsam said in the Bloomberg interview: "If crypto has taught us anything, it is never to dismiss a good meme that couldn't later manifest into more concrete progress."
He emphasized how investors must not assume the failure of Dogecoin, even with the uncertainty the cryptocurrency market is facing.
Dogecoin, as CoinShares Chief Strategy Officer Melterm Demirors said in a CNBC interview, is "inflationary" amid a "potentially infinite supply" with 10,000 new coins minted per minute as investors like Musk remain optimistic about its long-term boost.
Other analysts, including respected market forecaster Ric Edelman, insisted that Dogecoin has no legitimate use, being a "joke coin." Edelman said Dogecoin has "no legitimate use case," saying that it is "not something that...is doing the crypto community any good."