Dogecoin adoption today got a boost as CovCare, a leading medical supplier of PPE kits became the first medical supplier to accept Dogecoin as a payment. The announcement came on Wednesday just days after the firm shipped its 100,000. Interestingly enough, CovCare’s parent company Wooter back in 2015 when it was only in the first year of formation announced that they would accept Bitcoin as a form of payment at a time when the top cryptocurrency was nearly unknown.
Can Dogecoin Become a real World Currency?
Dogecoin has managed to grab headlines in 2021 because of its mammoth growth to a new all-time high of $0.08 after it was caught in the Robinhood GameStop trade halt saga. Just like GameStop, Dogecoin prices also skyrocketed after the trading service halted its trade along with GME and AMC. The meme turned cryptocurrency rose again after Elon Musk shill for almost a week nearing its previous all-time-highs.
The meme coin at the peak of its price also managed to break into the top 10 cryptocurrencies by market cap for a brief period of time. However, the continuous Elon Musk endorsement along with growing crypto adoption has helped Dogecoin become a serious choice of payment by several businesses including a Nissan car dealer.
Dogecoin Has Become Way More Than Just a Meme
The recent popularity of Dogecoin has made it worth billions as real-world businesses have started accepting it as a form of payment. Although the price has declined to sub $0.05 levels the internet seems to be behind the currency proving it’s worth more than just a meme.
Recently, Musk the unofficial CEO of Dogecoin asked major Dogecoin holders to sell their coins to him in order to decentralize the supply as the majority of the Dogecoins are held by a very small group of people with one of them holding nearly 27% of the total circulating supply. Given Musk’s continued support for the cryptocurrency, it seems the serial entrepreneurs are now looking to make the supply of the Dogecoin more decentralized.
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021