Widespread acceptance for cryptocurrencies is on the rise again, as PayPal Holdings, Inc. announced its platform Venmo will now support Bitcoin, Ethereum, Litecoin and Bitcoin Cash. But not on that list (yet) is Dogecoin (DOGE), a coin that started out as a joke, and is now gaining traction with monolithic retailer Amazon.com, Inc., which alone could see DOGE soar to $1 in less than 24 hours. Now DOGE is officially the 4th largest cryptocurrency in the world, causing many users on the newly-listed cryptocurrency exchange Coinbase Global, Inc. to wonder why it’s still not available for trades on the platform. As early adopters of DOGE reaped big rewards, newcomers can utilize international live-streaming, language learning and social-crypto platform Hello Pal International Inc. , and cryptominer stocks Ebang International Holdings Inc. to gain access to the no-longer-a-joke digital coin.
Now the coin will officially be accepted as payment on popular electronics dealer Newegg.com via BitPay, as well as by the NBA’s Dallas Mavericks.
Users of the increasingly popular social media streaming platform Hello Pal International Inc. just gained another entry point into Dogecoin, as well as Litecoin (LTC). Hello Pal achieved this through acquiring an initial 51% interest in 12,500 mining rigs dedicated to mining both DOGE and LTC with an option to increase that interest to 100%. The Mining Assets provide a combined hash rate of 6.25 TH/s, which amounts to 2.1% of the entire current LTC network hash rate.
The acquisitions of the Dogecoin/Litecoin-related assets are expected to help Hello Pal play a significant role in the Dogecoin/Litecoin community, as well as to further its overall cryptocurrency strategy in relation to building its international community of users.
“We’re ecstatic that our choice of cryptocurrencies to mine seems to have been validated especially by the recent incredible surge in market interest and activity of Dogecoin,” said KL Wong, Founder and Chairman of Hello Pal. “As far as we are aware, upon completion of this transaction, we shall be the only publicly listed company with primary exposure to Dogecoin.”
Almost immediately after announcing its entry into Dogecoin mining, HelloPal’s official company website at www.hellopal.com experienced an unprecedented surge in traffic of over 1000%, resulting in the website server being overloaded and causing a temporary outage. The website outage was quickly resolved and suitable adjustments have been made to server capacity to reduce the possibility of similar outages in the future.
“The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on Dogecoin as well as on cryptocurrency in general,” added Wong.
As users of the livestreaming platform are given the option to participate in the mining, they’ll soon have an increased marketplace within which to spend their Dogecoin and Litecoin.
PayPal Holdings, Inc. recently announced users of its popular payment platform subsidiary Venmo can now buy, hold and sell cryptocurrency directly with as little as $1. By this announcement alone, more than 70 million customers just gained a new entry point into four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto,” said Darrell Esch, SVP and GM, Venmo. “No matter where you are in your cryptocurrency journey, crypto on Venmo will help our community to learn and explore cryptocurrencies on a trusted platform and directly in the app they know and love.”
Meanwhile, as PayPal/Venmo does not offer Dogecoin as of yet, the biggest fish in the online marketplace might soon be.
A change.org petition begging Amazon.com, Inc. to accept Dogecoin surpassed 160,000 on April 22, 2021. That same day, reports were surfacing that Amazon’s new CEO Andy Jassy has been dubbed “crypto-curious”.
However, despite all eyes looking at what Amazon does with this pressure from consumers, the company has yet to show interest in any official capacity. When contacted by FOX Business on the issue, Amazon’s representatives did not respond to a request for comment.
Clearly there’s a swelling interest in the coin, but its users are also becoming increasingly frustrated with major exchanges denying it for trades.
Coinbase Global, Inc. recently missed out on a Dogecoin frenzy that saw the coin rally 6,000%+ on competitor Binance’s platform.
“Although DOGE is not available to trade, you can add it to your watchlist, read news and more with a Coinbase account,” according to a page on the exchange’s website.
Despite a short-lived crypto crash, both Coinbase and Dogecoin proved themselves resilient.
Based out of China, Ebang International Holdings Inc. has also launched its own Litecoin and Dogecoin mining business, by adopting a combination of deploying self-manufactured mining machines and mining machines purchased from other manufacturers.
“We will develop LTC and Doge mining on the basis of our Bitcoin mining business,” said Dong Hu, Chairman and CEO of Ebang. “We believe this move will accelerate the Company’s transformation from solely a hardware manufacturer to a diversified and vertically integrated blockchain company with comprehensive involvements in the blockchain industry value chain.”
Upon the announcement of its entry into Dogecoin/Litecoin mining, Ebang’s shares rose 14% on the first day. Key to the plan is the company’s development of a chip that can mine Litecoin and Dogecoin at the same time.