Dogecoin is currently the seventh-biggest cryptocurrency with a market cap of approximately USD 36 billion. The leading coins often jockey for position, with the exception of bitcoin and Ethereum, and Doge has been climbing up the ranks once again. August has been good to Dogecoin so far, with the price having risen from USD 0.20 to USD 0.27 in less than two weeks.
If the Dogecoin community has enough sway with corporate America, the meme coin could continue to rise. Dogecoin investors have watched as movie chain AMC Entertainment has touted bitcoin. AMC revealed in its Q2 earnings report that it plans to accept bitcoin payments by the end of the year. Now that it’s clear that AMC CEO Adam Aron has caught crypto fever, Doge investors are hoping that he will look their way.
Doge fans are cheering AMC for being a progressive company on crypto, and they are asking the CEO to think even bigger. On Twitter, users are urging Aron to consider Dogecoin as a payment method too, touting features such as speedy and less pricey transactions in comparison to bitcoin.
Dogecoin is said to complete approximately 33 transactions per second vs. bitcoin’s seven TPS. The Dogecoin community is also playing to AMC’s meme-stock status considering that in the cryptocurrency industry, Doge similarly fits the bill as a meme coin.
Great first step @CEOAdam, you are miles ahead of most companies when it comes to crypto!
I encourage you to consider accepting #Dogecoin! Doge is more likely to be spent than Bitcoin, it’s faster and cheaper to transact with!
Also, Doge fits the ethos of AMC as a “meme” asset! pic.twitter.com/S3cSDe6QjN
— 💸💸💸 (@itsALLrisky) August 11, 2021
Crypto investor David Gokhshtein, who is at the helm of blockchain payment platform PAC Protocol, made the point that he would be more willing to spend Doge at AMC theaters than bitcoin. The reason is that he is busy “stacking sats,” which is how bitcoin investors continue to accumulate more BTC rather than spend it. Gokhshtein reportedly has a USD 1 price target on Dogecoin.
That’s because I’m stacking sats.
— David Gokhshtein (@davidgokhshtein) August 9, 2021
While Dogecoin investors look to make their way onto the radar of AMC, they have already captured the attention of cryptocurrency market data firm Chainalysis. The crypto data and software firm announced that it now covers Dogecoin, which it says boasts the “fourth-largest 30-day trading volume of all cryptocurrencies, with over USD 199 billion worth of transfers.”
It is clear that Dogecoin is one of the most popular cryptocurrencies. Chainalysis also points out, however, that Doge has been used in a number of crypto scams this year on social media and beyond. All of this attention combined has created greater demand for the firm to include Dogecoin in its coverage.