Canine Currency Soars: Ferrari’s Acceptance Boosts Dogecoin Value
Crypto Community Cheers Ferrari’s Dogecoin Adoption
Ferrari, known for its recent foray into the realm of cryptocurrency, has made another bold move. Following its acceptance of Bitcoin, Ether, and USD Coin for transactions in the US, the iconic Italian automaker has expanded its crypto repertoire to include Dogecoin. This decision has already had a tangible impact on Dogecoin’s value, with the meme-inspired currency experiencing a two percent increase, reaching $0.088 (approximately Rs. 7.30) on Tuesday.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, revealed this significant update in a recent interview, citing customer and dealer demand as the driving force behind the decision to embrace Dogecoin payments.
The news has resonated positively within the global cryptocurrency community, evident from the numerous posts on various platforms expressing support and enthusiasm for Ferrari’s adoption of Dogecoin.
Ferrari does not plan to levy any extra fee or charge to those buying its cars via cryptocurrencies. BitPay has been chosen by Ferrari as its payment gateway to process crypto transactions in the US. The BitPay app lets merchants accept crypto payments and convert them into fiat currencies for Ferrari dealers in the US.
As far as Dogecoin is concerned, the memecoin has managed to stay stable for the last few months. Neither has it recorded a significant rise in its prices lately, nor has DOGE tumbled drastically. In the last seven days, the value of Doge has risen by over five percent. The tenth largest crypto by market cap has a current valuation of $12.44 billion (roughly Rs. 1,03,205 crore).
The cryptocurrency is also used as a payment method for luxury brands like watchmaker Tag Heuer and apparel-maker Gucci. US-based movie theatre chain AMC Theatres also accepts Dogecoin as a payment option for film tickets.
