The price of the popular meme cryptocurrency and Bitcoin parody is rallying today following a new development.
According to CoinMarketCap, the price of Dogecoin has surged more than 12% in the past 24 hours after a brief price correction.
In the early hours of the day, the value of the DOGE attained an intraday high of $0.1384 on the popular crypto exchange platform, Binance, a 14% increase over the past three days.
Additionally, due to the price increase, Dogecoin has now climbed to 12th place in market capitalization, overtaking the Binance USD stablecoin. The meme token has a current market value of $18 billion, which is still short of the previous high of $90 billion recorded last year.
It is noteworthy to say that the latest price rise was not influenced by the actions of the Tesla CEO, who is known to drive price speculation via his numerous Twitter posts. According to an industry report, the latest price uptrend is due to the inclusion of Dogecoin in crypto ATMs.
It was reported that Bitcoin of America, the virtual asset exchange platform, made the meme token available in digital currency ATMs across the United States. Support for Ethereum was enabled in ATMs in October last year. Users will also be able to purchase and trade Litecoin.
Bitcoin of America has about 1800 crypto ATMs in its custody across the 312 states of the country. The universal kiosk of the platform enables customers to purchase digital tokens with fiat currency after withdrawing with a debit card. Alternatively, customers can also sell part of their crypto assets for fiat.
Part of the services offered to store owners by Bitcoin of America is by providing support for those interested in earning passive income. It gives store owners the platform to earn extra cash by taking care of the logistical needs of the traders through increased traffic and marketing.
The adoption of Dogecoin by Bitcoin of America is likely to improve the mainstream acceptance and adoption of the leading meme cryptocurrency.
Increased Dogecoin Adoption
On Wednesday, Voyager added support for DOGE to its application by allowing customers to receive and send Dogecoin. Voyager has joined a long list of firms enabling crypto transactions for their users.
On the same day, Binance, in celebrating National Puppy Day, gave the meme cryptocurrency some needed attention by teasing its community and generating more interest in the canine digital token.
National Puppy Day is an approved day for celebrating pets by dog lovers across the U.S. It was initially celebrated by the renowned animal behaviorist, Colleen Paige, and it has since been recognized as an official holiday.
The recent move will undoubtedly bring more awareness to the utility as a medium of transaction, not only in the industry alone but also in the mainstream sector.
After all, the focus has been on making Dogecoin a flexible utility, and if recent development can be sustained, anything is possible.