Two of the leading cryptocurrency wallet providers, Coinbase and Xapo, have announced that they are accepting payments in Dogecoin (DOGE). Dogecoin is a cryptocurrency featuring a famous internet meme as its logo. Since its creation in December 2013, DOGE has become one of the most popular cryptocurrencies on the market.
Although there aren’t many merchants who accept DOGE directly at this moment, it may be possible for DOGE to reach new heights in value after these two wallet providers announce their plans to accept payments in this altcoin. Xapo, with its vaulting service, is already allowing users to store Bitcoins and other cryptocurrencies offline on their cards.
Coinbase is more commonly known as a cryptocurrency exchange platform but will also offer a vaulting service for storing cryptocurrencies offline as well. This move will give Xapo and Coinbase additional exposure to potential new customers while also increasing the value of DOGENDOLLARS (DOGECOIN) by association. If you are looking to get some DOGE or have an account at either of these wallet providers and would like to learn more about how they are accepting payments in this altcoin, continue reading below for more information...
Coinbase to Accept DOGE Payments
Coinbase is known for listing new cryptocurrencies as well as providing a place for people to buy and sell cryptocurrencies. For example, Coinbase was one of the first places to allow people to buy Bitcoin after it was introduced in 2009.
According to a report from CCN, Coinbase has been receiving many customer requests to add support for DOGE. Coinbase wants to be open-minded and avoid adding a lot of requests. They want to add support for cryptocurrencies that have enough demand that it makes sense for customers to use the Coinbase platform.
There have already been efforts by some third-party developers to add DOGE to the Coinbase platform. However, it is likely that Coinbase will enable it as a native coin.
Xapo to Accept DOGE Payments
Xapo is a Swiss-based financial services provider that offers Bitcoin, Bitcoin Cash, Ethereum, and Litecoin wallets. The company also has a vaulting service that allows customers to store cryptocurrencies offline on a secure chip card.
In mid-2017, Xapo announced that it is adding support for DOGE. Xapo is a well-established company that is well-respected in the space. DOGE is an alternative to Bitcoin that has grown a lot in the past few years, and it might be a good choice for some people due to the increased publicity.
Unlike Coinbase, Xapo users can instantly buy, sell, and transfer DOGE on its platform. Xapo is trying to compete with Coinbase by offering customers the ability to easily buy and sell cryptocurrencies on its platform.
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DOGE Price Trend
DOGE saw an incredible year in 2017. This altcoin shot up from a value of $0.00 to $0.30 in just a few months. There was also a significant price rise in early 2018 as well.
However, the price trend changed significantly in the latter half of 2018. By the end of November, DOGE had fallen to less than $0.01 per coin. The cause of this price fall is not entirely clear, but it might have something to do with the announcement that Coinbase and Xapo would begin accepting DOGE payments.
As mentioned above, Coinbase and Xapo are two of the most popular wallet providers. If they are accepting DOGE and Coinbase customers are selling their coins, this might cause some people to sell and send the value of their coins down. Like the price of Bitcoin and many other cryptocurrencies, the price of DOGE may not be completely stable. However, it might be a good idea to hold DOGE and other cryptocurrencies until the price of DOGE starts to rise again.
Conclusion
DOGE is an obscure altcoin that has seen some significant price increases in the past few years. Coinbase and Xapo are leading cryptocurrency wallet providers who have announced that they will begin accepting DOGE.
Due to its price rise, Coinbase and Xapo might also start accepting DOGE payments as well. This might cause the value of DOGE to rise even further, making it a recommended investment for people who have an account at either of these wallet providers.
Reviewed by UK Scholarships
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May 29, 2022
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