dogecoin: Ukraine to accept Dogecoin donation in war. Will it trigger a rally?

Synopsis

With the addition of Dogecoin, the list of donations supported by cryptos is now extended to half a dozen. The dog-themed meme coin joins Bitcoin, Ethereum, Tether, Solana and Polkadot.

According to the latest numbers, the crypto donation effort has brought in more than $40 million to Ukraine so far.New Delhi: War-hit Ukraine is seeking donations in the cryptocurrencies for aid amid the conflict with Russia and has added Dogecoin to the list to support the cause.

With the addition of Dogecoin, the list of donations supported by cryptos is now extended to half a dozen. The dog-themed meme coin joins Bitcoin, Ethereum, Tether, Solana and Polkadot.

Ukraine’s Vice Prime minister and minister and minister of digital transformation, Mykhailo Fedorov, tweeted the Doge wallet address in an effort to solicit donations in the dog-themed cryptocurrency and tagged Elon Musk, fondly monikered as ‘Doge Father’.
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According to the latest numbers, the crypto donation effort has brought in more than $40 million to Ukraine so far.

However, despite Ukraine’s call for Doge donation, the crypto movement has been limited so far as the price-volume action in the token has been range-bound in the last couple of days.

The volume of the counter has dipped about 22 per cent as tokens worth only $5.6 million exchanged hands in the last 24 hours, hinting towards lower trades.

The price of Dogecoin has taken a hit, as the memecoin along with other altcoins was bleeding on Friday. It dropped as much as 5 per cent to $0.1259 at 9.50 IST, with a total marketcap of less than $16.75 billion.

However, the addition of Dogecoin to the list has boosted the morale of the investors, who believe that markets are realising the value of decentralised virtual currencies.

“War-like situations may mean gold being locked into banks, accounts being frozen or limits on withdrawals but no impact on cryptos with no boundaries, no hassles, the power and wealth to use,” said Raj A Kapoor, Chief Advisor, Acryptoverse.

Investors have historically relied on stable assets like gold in times of war, buy cryptocurrency’s ability to separate itself from financial markets makes it perfect to invest in when other markets are volatile, said Kapoor.

Market participants believe that the move would give robust acceptance to multiple cryptocurrencies across the globe, with more names added to the list.

Adding more to it, Praveen Kumar, Founder and CEO, Belfrics Group said that this is truly a significant move which also validates the multiple use cases of crypto currencies.

“Dogecoin has been extremely popular among the Indian investors, it would be a bit premature to assume the price range from hereon as there is tremendous volatility in the market,” Kumar cautioned investors.

Investors looking to buy the dip should understand that fluctuations are part of the course, and be prepared for this kind of volatility going forward, caution the market experts. They suggest backing the fundamentals for the time being.

“Coins and tokens that are fundamentally strong will see an uptick, compared to the speculative ones, ” Kapoor said. “Stablecoins will again be back in demand.”

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Updated: 03/04/2022 — 03:00