The Dogecoin ecosystem is still firing on all cylinders. There are many things happening behind the scenes, although not all of them will make an immediate impact. The following developments are all rather interesting to keep an eye on over the coming months.
PayPal and Cryptocurrency (& Dogecoin?) is a go
For quite some time now, there have been rumors regarding PayPal and cryptocurrency payments. In a new update, it has been confirmed that merchant cryptocurrency payments will become possible through this service. Vendors of all kinds will be able to accept Bitcoin and altcoin transactions in the future. That can unlock a lot of momentum for Dogecoin, although nothing has been officially confirmed at this stage.
"It's at the forefront of all the e-commerce and digital payments … we also like that PayPal is working with merchants to bring crypto into the fold," says Aspiriant's Sandi Bragar on $PYPL. pic.twitter.com/Ld6gKySaG0
— Squawk Box (@SquawkCNBC) September 17, 2020
At this time, there is no indication of which crypto assets will be accepted. Enabling support for Bitcoin is almost a foregone conclusion. In terms of alternative assets, it remains to be determined. An approach similar to what CoinPayments does is not entirely out of the question. Additionally, Dogecoin has been a viable payment method for some time now, giving it a leg up over competing assets.
The Meme Game Remains Strong
Most people are familiar with Dogecoin due to the number of memes involving this cryptocurrency. Ranges from shibes to Elon Musk, there have been hundreds of funny images and comics to look at. That trend continues even today, as several memes have drawn good attention in the past week.
The first one explains how Dogecoin Reddit user behavior evolves once one gets involved in the debates. It rings true for a lot of crypto communities, but Dogecoin might be at the forefront. There is also the “Doge in the spotlight meme” for 2021, which is very funny in its own regard.
Having more exchanges support Dogecoin will always be beneficial to the ecosystem. StealthEX is the latest exchange to list DOGE. The platform specializes in trading without account requirements and not storing personal data. An interesting approach to crypto trading, and having DOGE on the platform is a big step forward.
No More low Dogecoin Fees
At the protocol level, an interesting change is about to occur for Dogecoin. Through the BIP-65 soft fork being activated very soon, the network fees will undergo major changes in the near future. Currently, transactions with fees under 1 DOGE are still mined, but that will no longer be the case in a few weeks. It will not make a major impact on fees, but is still worth paying attention to.