THE DAILY ENCRYPT

September 25, 2022

Here’s The New Adoption That Caused Dogecoin To Surge

Dogecoin price has been on the rise for the past day. While the meme coin is prone to rallies like this, there has been an...
Photo by Mathew Schwartz

Dogecoin price has been on the rise for the past day. While the meme coin is prone to rallies like this, there has been an obvious reason. Dogecoin had received a nod from finch company Bitcoin of America after it announced that it would be adding the meme coin to the list of cryptocurrencies supported at its machines. This just made it easier for investors to purchase the digital asset whenever they need.

Dogecoin At An ATM Near You

Fintech company Bitcoin of America has one of the largest collections of cryptocurrency ATMs which are spread across the United States. These ATMs which number up to 1,800 allow users to be able to purchase bitcoin and other cryptocurrencies at their convenience by using a debit card or just buying them with cash. With the announcement from Bitcoin of America, Dogecoin has now joined the line of cryptocurrencies that can be purchased at these machines.

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Previously, customers could only purchase Bitcoin, Litecoin, and Ethereum, the last of which had support added last year in October. Dogecoin now joins this list, bringing the meme coin closer to millions of investors around the country.

DOGE recovers to $0.13 | Source: DOGEUSD on TradingView.com

These “universal kiosks” are available in over 31 states in the country serve a good portion of the US crypto population. Such a move on the part of a large player in the bitcoin ATM space, or “BTMs” is nothing short of incredible news for the meme coin, making it onto the list ahead of other big players such as Cardano, Tether, and even Shiba Inu, its fiercest competitor.

Price Response

Prior to the announcement, the price of Dogecoin had been struggling. Although it had moved in tandem with the market during the recent recovery, it did not really record the better part of the surge until after the news from Bitcoin of America had dropped.

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Following the news, the price of Dogecoin had grown rapidly in the space of one day. Adding another 7% growth in a short span of time to what it had been doing before, bringing the total value recovered to 14% in about three days.

This rally had also helped Dogecoin regain its footing in the list of largest cryptocurrencies by market cap. Due to the increase in its price, its market cap had reached above $18 billion once more, placing it in the 12th spot on the list.

Featured image from MarketForces Africa, chart from TradingView.com

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