Elon Musk and Mark Cuban Challenge Dogecoin (DOGE) for Cryptocurrency Payments

Dogecoin has reached around 13% of BitPay’s transaction volume, making it the fourth most popular payment choice.

Dogecoin became the fourth most popular payment choice for BitPay, reaching around 13% of the transaction volume. 

Elon Musk and Mark Cuban, two of Dogecoin’s most famous fans, publicly share the notion that the meme token has become a legitimate tool for payments. 

As we previously reported, Musk had a meeting with Dogecoin developers about how to make crypto money faster for daily payments. Dogecoin developer Ross Nicoll said that Musk’s goal is to make Dogecoin easy enough to use for a cup of coffee.

Cuban said earlier this month that Dogecoin “became more useful as a currency . ” Cuban added that he “had a lot of conversations with BitPay” and that the cryptocurrency payment provider is in the process of hiring more sellers who will accept the cryptocurrency.

Since Dogecoin was created as a complete joke in 2013 and the GitHub code page has been stagnant for years, these propositions seem absurd to many. But BitPay data supports Cuban’s big talk about DOGE payments. 

BitPay, which allows merchants to accept cryptocurrency as payment, says Dogecoin is currently the fourth most popular cryptocurrency for payments (after Bitcoin, Bitcoin Cash and Ethereum ), rising to 12.6% of the platform’s transaction volume. Just two months ago DOGE accounted for only 3.3% of the volume. Its volume in April corresponded to 7.8%. 

BitPay CMO Bill Zielke said about Dogecoin:

“It very quickly became real money for us. I find it useful as it is rising faster than ever in our network. I can say that the fact that sellers are traded thousands of times with Dogecoin points to the benefit. It also has an advantage over Bitcoin or Ethereum: low transaction fees. This is a great combination when you combine a strong community with low wages. I expect it to continue to grow and that benefit will only grow.”

Some of the big name consumer companies using BitPay are Microsoft, AT&T, Camping World and WeWork.

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