But a use case? Dogecoin (DOGE) on the way to becoming a marketing tool

Dogecoin could not achieve its goal on DogeDay. One thing is clear, however: the meme currency is a tremendous marketing tool.

It is probably in the nature of Dogecoin to do unforeseen things. Less than a week ago, the fun currency pumped out of nowhere to a new all-time high of 0.4377 US dollars and was therefore worth more than the traditional US company Ford in terms of market capitalization. Dogecoin granted to celebrate this price explosion Community of the meme currency even have their own holiday.

The first DogeDay has now come to an end. Despite the hype on social networks, the cryptocurrency was unable to achieve its target of at least $ 0.69. As part of the unofficial 4/20 cannabis holiday, DOGE briefly broke the $ 0.41 level, but shortly afterwards the rate fell by as much as 32 percent to $ 0.2716. At press time, the cryptocurrency is trading at $ 0.32. And although many from the Dogecoin community may now be disappointed, there is also positive news. Because the meme currency has long since become a marketing tool.

Slim Jim: “Five times more followers on Twitter”

While it was previously the stars and starlets who promoted Dogecoin via their social channels, companies are now increasingly jumping on the bandwagon, such as, for example Slim Jim. The US snack manufacturer announced on its Twitter account that it is auctioning a DOGE-NFT for charity and that it intends to add another US $ 10,000 to the proceeds. Currently that is Highest bid at just over $ 650.

It is noticeable that Slim Jim has gained an incredible number of followers since using various Dogecoin hashtags. According to the analytics platform Social blade the US company was able to generate over 40,000 new followers in the last 30 days. This is an average of 1,339 users every day. The account is currently followed by 97,417 followers.

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Compared to the US medium Benzinga said a Slim Jim spokesperson:

And in this country too, companies try to reach new target groups using similar methods – such as ImmobilienScout24.

Petition calls for Dogecoin integration to integrate on Amazon

In the wake of the hype about Dogecoin, a four-year-old petition is suddenly enjoying enormous popularity. “Doge4Amazon”Calls on the retail giant to integrate Dogecoin as a valid means of payment on the trading platform. The online application currently has a little over 146,000 signatures. The message is clear. The fact that Amazon has not yet accepted cryptocurrencies alienates “many people who do not have a traditional bank account”. The applicant Mark E. provides the reasons for Dogecoin immediately afterwards:

Dogecoin is stable in value, has the lowest transaction fees of the other big coins, has a huge supply of coins and has a very large, active community with ongoing development.

Mark E. on Change.org

Despite all the euphoria, most people forget that only a very small group of whales owns over half of all Dogecoin. Since the meme currency itself has no use case that could in any way justify the value of the cryptocurrency, the fate of DOGE is closely intertwined with the benevolence of these 20 wallet owners. Add to this the tremendous impact that individuals like Elon Musk have on the crypto sector. Compared to Dogecoin, the Tesla boss was mostly a friend and advocate, but his tweets can also cause the share price to fall. For example, when he asked the aforementioned Dogecoin whales to sell the cryptocurrency, DOGE plummeted from $ 0.06 to $ 0.05.

That being said, Dogecoin is always bloating. The more it inflates, the greater the risk that the bladder will burst. In this case, however, investors can prepare, keyword: shorting. Be it futures, perpetual swaps or leveraged tokens: There are numerous ways to make a profit from a price crash. We have put together an overview of the various methods and what you need to consider here.