Dogecoin – a rather infamously known as “meme coin” continues to show dominance in news headlines. A manufacturer of air purifying products namely Kronos Advanced Technology announces acceptance of Dogecoin as means of payment.
Kronos Advanced Technology is a public listed company (PLC) involved in the business of manufacturing and selling air purifying products. The PLC was founded in Los Angeles a decade ago and since then has been providing state-of-the-art air purifying products.
Recently, the company has announced that it has adopted Dogecoin as one of its payment mechanisms. It was informed by Kronos that from now on the customers as well as vendors can purchase air purifying products on the basis of meme coin. The company already accepts payments on the basis of leading cryptocurrencies such as Bitcoin, Litecoin, Ethereum etc. However, the induction of Dogecoin as a payment mechanism is part of the crypto driven-trend. The company was also found appreciating the meme coin and its distinctiveness within the crypto industry.
After the announcement, Kronos’s President Michael Rubinov told that the existence of digital currencies has completely revolutionized the e-commerce sector. He said that the online retail industry has evolved exponentially amid the Covid-19 pandemic. This allowed consumers to get acquainted with cryptocurrencies and utilize them for online shopping while minimizing fraud and theft risks, stated Rubinov.
Rubinov also apprised that the company’s next step would be to advertise its N-95 masks before the Dogecoin community at Reddit. As of today, the number of members forming the Dogecoin community at Reddit has exceeded 670,000 members. The company also appreciated meme coin’s endorsement by Elon Musk who said that Dogecoin has become one of his preferred digital coins.
The story of Dogecoin is very much similar to that of GameStop. In the case of GameStop, it was a battle where on one side were veteran hedge funds and on the other side were day traders. However, the winning party was evidently the GameStop whose shares’ value surged by about 135 percent in one single day. But the surge was rather dramatic as it was made to increase deliberately as well as systematically. Resultantly, Robinhood day traders won the battle against hedge funds, and the platform generated US$ 2.4 Billion during the incident.
Similarly, the Dodgecoin was developed by a team of software engineers comprising of Jackson Palmer and Billy Markus. While developing the cryptocurrency, the inventors thought to use a currency “sign/logo” which resembled a popular meme dog, ShibaInu. Dogecoin was first introduced within the crypto sphere at the end of 2013 and its current market cap is under US$4 Billion.
Nowadays, Dogecoin has again resurfaced as one of the most oddly inspiring cryptocurrency. While many still like to make jokes about the coin, however, its value has risen significantly since the GameStop incident. Kronos’ decision of accepting Dogecoin as payment is yet another example of following crypto trending.