- NASCAR’s Dogecoin sponsored car crashed on lap 70, finishing last in the Nashville race.
- The price of Dogecoin dipped over the weekend, reaching a low of $0.26, down 73% from its all-time high.
- Bitmain announced new mining hardware that can support both DOGE and LTC mining.
The crypto market is currently trading sideways. Regardless of Bitcoin being adopted as a legal tender in El Salvador, market sentiments are still tentative as a result of China’s negative impact on the market, with Fear and Index scores of below 25. Cryptocurrencies seem to not perform well when placed under the spotlight judging by Dogecoin and Bitcoin, which have both been pinpointed as rising crypto stars. Dogecoin, the flagship cryptocurrency of the Gen Z generation, has gained media attention after being featured on a NASCAR rally car during the Nashville race.
Dogecoin Is Limping
While it is said that there is no such thing as bad publicity, cryptocurrency interplays up to now do emphasize the opposite. Dogecoin sponsored car #99 in the NASCAR rally, driven by Stefan Parsons (NYSE:PSN), crashed on lap 70. Following this, the price of DOGE dipped by 14% over the course of the weekend, coming to hover at around $0.20 according to data from CoinMarketCap.
The crypto community’s favorite coin has shown its resilience as it retained its place in the top 10 coins by market capitalization. While the Dogecoin-sponsored car crashed, meme coin advocates praised the initiative. Moreso, the tweet #dogecar started trending on Twitter, as it proved to garner the attention of the Dogecoin community.
The partnership was originally announced back in March, when B.J. McLeod Motorsports wanted to take Doge “to the moon.” Driver Stefan Parsons himself is no stranger to Dogecoin as his father owned the team which first featured Dogecoin in 2014. Josh Wise raised $55,000 worth of DOGE in leveraging the network effect of the Reddit community. The achievement helped him reach his second-best ever placing using the “Moonrocket” and splashing the colors of crypto all over mainstream media.
On the Flipside
- Investors are cautioned against investing in cryptocurrencies that are fueled by hype and FOMO.
- Bitmain is seeking to capitalize on a different market than Bitcoin, which is poised to go green.
- Proof-of-work mining is being discredited for its high carbon footprint.
- Increasing cryptocurrency’s association with sports is not the same as improving crypto adoption.
Meme or No Meme
The notoriety of Dogecoin inspired many additional meme coin characters to challenge its dominance, such as Shiba Inu, the self-proclaimed “dogecoin killer.” Elon Musk helped to stimulate the importance of DOGE with his social media influence, which he used to endorse the coin multiple times. However, his SNL reference to Dogecoin represented the pinnacle of Dogecoin’s price, after which the price steadily declined.
Dogecoin’s stature as a leading crypto token has been reinforced by crypto exchange Coinbase and digital brokerage firm eToro, both of which listed the token after user requests. Furthermore, Cardano’s Charles Hoskinson highlighted that he is hopeful to see what DOGE could become and alluded to the possibility of working with the coin, after Elon Musk asked for proposals to upgrade Dogecoin.
Mass Dogecoin Mining
Proof-of-work mining altered the prerogative of cryptocurrencies, diverting attention towards their high carbon footprint. El Salvador and the Bitcoin Mining Council have already taken steps towards promoting greener mining alternatives.
In contrast, Chinese cryptocurrency journalist Wu Blockchain promoted Bitmain, the leading Chinese mining provider, which announced the release of their Antminer L7, which is Dogecoin and Litecoin mining compatible. The L7 is equivalent to 19 L3+ Antminers with a total hashrate of 9500 MH/s. In further advocacy of the L7, the L3+ was only dedicated to Litecoin, and, according to an online review, is “the most powerful Litecoin miner,” which promises much for the L7.
China has bolstered its stance on crypto mining after closing 26 Bitcoin mines in the Sichuan region. In a positive response, Bitmain’s proposal of enabling Dogecoin mining comes with a lower power consumption of 3495 watts and a price of $15,000. Hoping to capitalize on the external market, Bitmain is offering a 13% discount for overseas payments.
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