The ongoing boom in interest around cryptocurrencies has meant that more and more events, companies and businesses have been looking to create an association with crypto tokens if possible, whether that is through their work or through sponsorships. Cryptocurrency sponsorships are rising in both number and value, and there is now an instant brand recall associated with various crypto tokens which makes it beneficial to be associated with them. We are even seeing the return of Dogecoin, the joke cryptocurrency based on the meme featuring a Shiba Inu dog, return to NASCAR circuits, with Stefan Parsons’ car set to be emblazoned with Dogecoin livery at the Xfinity Series race.
The race, which is being held at the Las Vegas Motor Speedway, will see Parsons, racing for Alsco Uniforms 300, driving a car that will have the iconic Dogecoin imagery on it. The idea for this actually came from Parsons himself, who brought up the idea of having Dogecoin on the car in a conversation with Sean Taylor, the CEO of Springrates which is the principal sponsor of the car. It is also interesting to note that Taylor has recently been quite obsessed with finding out more about the crypto space and the future of blockchain and decentralized currency, and in fact, it was his father’s team which ran the car that had previously featured Dogecoin, back in 2014.
This is yet another example of how a joke cryptocurrency like Dogecoin has managed to gain relevance in mainstream circles, showing the growing influence of cryptocurrencies in general. Of course, this has been fuelled by tweets from celebrities such as Elon Musk and Snoop Dogg, among others, who have pushed the crypto token as a joke and an extension of the Doge meme, but there are also an increasing number of practical uses for the token coming up now. One of those is at online gambling sites and casinos, where doge gambling is getting more and more popular. Casino operators are offering their customers the option of placing bets through cryptocurrencies, and Dogecoin is among the tokens offered, making it quite an attractive option for crypto users and online gamblers given its lower cost compared to Bitcoin and Ethereum.
Dogecoin has also been involved with other sports teams and events, such as the Jamaican bobsled team and its previous association with NASCAR, according to an open letter by one of the co-founders of the token, Billy Markus. It is currently beating the year-to-date (YTD) returns of Bitcoin, having risen over 800% in 2021, compared to around 65% for Bitcoin. Dogecoin is also being seriously considered as a ‘meme shield’ against price drops for other crypto tokens, with no other than Elon Musk once again championing this cause. Additionally, a new release of Dogecoin Core, with significant improvements, was announced on 28th February, which should increase the appeal of the token even further.
All of these examples show how a meme crypto token is becoming relevant as a sponsorship vehicle, an investment option and in day to day activities. Dogecoin is extremely popular owing to its meme origins and the continued popularity of that meme, but it also has more and more practical uses. Crypto investors are seriously considering using Dogecoin as a more stable crypto investment, as compared to the likes of Bitcoin, and while it has delivered huge returns so far this year, its utility looks like being a ‘shield’ to guard crypto portfolios against drops in value for the more popular and bigger cryptocurrencies. Thus, Dogecoin is definitely carving out a role for itself in crypto circles as well as in wider areas, and it will be interesting to see how this interest progresses over time as more people get educated about crypto.