Dogecoin is a meme coin that came into existence in 2013 as a joke. The coin was to mimic the crypto world and show how Bitcoin was useless. However, people took the joke seriously and began buying dogecoin for fun, especially after a meme about a dog began trending.
Amazon and Owner, Jeff Bezos
Amazon is an online e-commerce site owned by Jeff Bezos, who is planning to step down as the CEO. Bezos and Elon Musk have similar projects concerning Mars. Elon Musk owns SpaceX and Jeff Bezos owns Blue Origins. Jeff Bezos visited space earlier this year, during the month of July. This makes him the second billionaire to visit space on a company rocket; a company that he owns.
Blue Origin and SpaceX are rivals in the crypto and nerd community. However, no one knows for sure if this is true, but considering the launch of Blue Origin after SpaceX, it might be true. Blue Origin is seen to emulate most of SpaceX’s features and projects. Jeff Bezos and Elon Musk have no issues with each other and openly converse in public. Amazon accepting Dogecoin will simply clear the speculations in the air.
Elon Musk and DogeCoin
The CEO of Tesla Elon Musk, in support of crypto, took the joke seriously and pumped the coin. invested in the coin just to prove those against cryptocurrencies wrong. Earlier this year, the coin made many people millionaires and some billionaires, all due to Elon. Elon keeps saying, ‘What if something was meant as a joke becomes the main currency?’ Dogecoin currently sits at a market cap of $0.1988, with a market dominance of 1.42 percent. Dogecoin’s ATH (All-Time High) was 0.74, which means it sits at a price 74 percent lower than the highest price level.
Dogecoin to the Moon
If Amazon accepts Dogecoin, the coin will moon to about 10US Dollars, a 10x gain. Earlier this year, Amazon declined the use of Bitcoin or any other cryptocurrencies. In the case that it accepts Dogecoin, the price will shoot like it did earlier this year. Any holders of Dogecoin would make huge profits. As of now, however, Amazon does not accept payment using Dogecoin. Amazon accepting Dogecoin will also set the ground for online businesses and cryptocurrency acceptance. Many businesses will begin using cryptocurrencies as a means of trade, even small businesses. It will influence a massive global wave and acceptance of cryptocurrencies.
Elon Musk and Jeff Bezos Rumors
Amazon accepting Dogecoin as a payment method will also indicate a partnership between Elon Musk and Jeff Bezos. This partnership will mean SpaceX and Blue Origin are working together to ensure the common goal of living on mars is achieved. It will also mean that Jeff Bezos is a great supporter of Dogecoin and believes that cryptocurrency is the new order of money in society. It will also be in support of Elon Musk’s support for crypto by making what was meant as a meme coin the main crypto-currency. This will mean Dogecoin will have more use case and value than bitcoin. It will also be the first currency to be accepted, especially with the speculations from the crypto community about an Amazon crypto project.
However, the only disadvantage with Dogecoin is that unlike Bitcoin, which has limited supply, Dogecoin has limitless supply. It is also an advantage because it acts like low-value Bitcoin. There is about 130 billion Doge in circulation because miners produce 10,000 dogecoins every minute. The doge community pumps the prices especially during the launch of any new product regarding Elon or Dogecoin; the price will no doubt moon. Therefore, when Amazon accepts Dogecoin, the crypto community will have to find a way of improving Dogecoin, even if it involves burning some of it to reduce circulation. This will help improve the use case of the coin and make it a popular currency.