The Rise of Dogecoin as a Payment Method

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Dallas Mavericks’ owner Mark Cuban has confirmed that the NBA team will continue to accept Dogecoin (DOGE) as a payment method. Cuban confirmed the integration in response to a user’s question on platform X. The initial announcement dates back to March 2021, when BitPay integrated Dogecoin payments for traders and consumers. The Dallas Mavericks, known for early cryptocurrency adoption, became one of the first in crypto-sports partnerships to accept the memecoin.

The Rise of Dogecoin as a Payment Method

As a reminder, Bitcoin (BTC) became a payment method for the Dallas Mavericks in 2019. Adding Dogecoin to the list of accepted cryptocurrencies allowed ‘Mavs Fans for Life’ or MFFLs to purchase online game tickets and merchandise with DOGE, expanding access to Dallas Mavericks gear.

The continued acceptance of Dogecoin in 2024 has sparked debates about the memecoin’s growth potential this year. Notably, Elon Musk recently mentioned the integrated payment feature of platform X. The launch draws renewed attention to Dogecoin’s utility and integration into the payment ecosystem.

Currently, one of the most important markets for Dogecoin is India. Kashif Raza from Bitinning pointed out in a post on platform X that DOGE has surpassed BTC among the 26-35 age group. This is significant as it represents 40% of India’s 19 million cryptocurrency investors.

The Growth Potential of DOGE

At the time of writing, DOGE has shown a 3% increase in the last 24 hours, trading at approximately $0.0812. The altcoin has seen a 0.70% price increase over the last 7 days but a 10% decrease over the last 30 days. Over the last 180 days, there has been a modest increase of 2.85%.

The all-time high (ATH) for the popular memecoin is $0.7316, and the current price is well below the ATH. DOGE’s circulating market value is at the level of $11.57 billion.

On the other hand, DOGE’s fully diluted price ratio is at an extremely high level of 6,208 times, indicating significant growth potential. The P/F ratio compares the price to its potential future value. The Dogecoin network also saw a significant decrease of 68.23% in total fee revenue over the last 30 days, amounting to $151.46 thousand. The annualized fee revenue recorded a small decrease of 1.90%, amounting to $1.84 million.