DOGE recently became the 7th cryptocurrency accepted by Coinbase Commerce. The service allows e-retailers to convert payments in cryptos, including Dogecoin, into fiat or stablecoins.
Dogecoin was the featured cryptocurrency of the first part of 2021 thanks to a 392% increase in value. DOGE was definitely the must-have crypto asset of the period along with ETC and MATIC.
This was clearly less true in the past few months. The growth potential that made Dogecoin an attractive speculative asset for investors has largely faded. But the token may rebound with other uses, particularly payments.
This is the track defended by Elon Musk and developers of the blockchain Dogecoin. The latter are proposing an update that drastically reduces transaction fees. The DOGE could have a new life as a means of payment.
Coinbase is actually exploring this avenue. The exchange announced the integration of Dogecoin into its Coinbase Commerce service. This is the 7th cryptocurrency to be supported on the platform aimed at e-retailers.
Coinbase Commerce is the e-commerce subsidiary of the American exchange. It allows its seller customers to accept payments in cryptocurrencies and automatically convert them into dollars, euros, pounds, or USDC.
The online stores support transactions in Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Dai (DAI), USD Coin (USDC), and now Dogecoin (DOGE) via the Coinbase platform.
Coinbase Commerce is helping to democratize crypto payments, as PayPal is also trying to do with its own services. Thanks to its support by the exchange, Dogecoin can begin a conversion from speculation to transactional.
The price of DOGE has been steadily falling since the crypto crash in mid-May. Unlike other crypto-assets, the same coin has only recorded rare growth phases since then. On July 1, the price of DOGE was still quoting $0.24.
Dogecoin was clocking in at $0.19 on July 22 at 1 pm, up slightly by 2.6%. A movement that can be explained by the announcement of Coinbase, but also by the statements of Elon Musk at The B Word conference. (https://www.bitreporter.com/crypto-mining/new-statements-on-bitcoin-from-elon-musk/)
He revealed that another of his companies, SpaceX, held Bitcoin. In his personal capacity, Musk also stated that he holds BTC, Ethereum, and Dogecoin. The investor does not specify the amount of these holdings. All he says is that he owns more Bitcoin than ETH and DOGE.
But Elon Musk especially opened the door to the return of Bitcoin at Tesla as a means of payment. These reassuring words also contribute to the positive trend in the crypto market.