Is Amazon About to Accept Dogecoin? The Payment Use Case Explored
A change.org petition requesting Amazon to accept Dogecoin for payment has reached over 140k signatures. The appeal was started four years, but the last two months have seen it pick up the pace, reaching 100k signatures in February. Since then, interest has snowballed further.
“It is time for Amazon.com to be one of the first major companies to see the power of Dogecoin and with the huge momentum the Dogecoin community is generating now is the time for Amazon to accept Dogecoin as a payment method!”
It may have started as a joke, but as the market downturn continues, Dogecoin is the only top ten cryptocurrency in the green today. This resilience bodes well for DOGE. However, does Amazon see it this way?
Dogecoin Defies the Odds
Near 8,000% gains year-to-date is no joke. Dogecoin’s performance in 2021 has destroyed any notion that fundamentals and sound tokenomics count.
Today is April 20, which is world “Weed Day.” However, Dogecoin holders are attempting to hijack this day with the intention of rallying support for a $1 DOGE.
The hashtag #DogeDay is currently trending number 2 on Twitter. With Reddit also a hotbed for the coup. In drumming up support, one user described hitting $1 as an inevitability, even saying that in itself is a small goal.
“$1 is inevitable, and we can take a pit stop at the moon, sure, but our lord and savior doge ought not be limited by such small goals. The moment is now. We can mother heckin do this.”
Based on growing sentiment around Dogecoin, who’s to say that $1 won’t happen? Billionaire Mark Cuban thinks it will. He even backed this up by accepting DOGE as payment for Mavs tickets and merch.
But despite the fun and positivity, a nagging problem exists in DOGE’s infinite supply. The inflation rate sees about 5 billion DOGE a year added to the supply. While this is fundamentally no different from fiat money, it still isn’t easy to reconcile this with a niche token within an unconventional industry.
What’s The Deal With Amazon and Crypto?
Amazon does not currently accept cryptocurrency for payment, let alone Dogecoin. Although the change.org petition has strong support, Amazon is not obliged to take action.
Is this something that will change in the future? Who knows, but what is known is that Amazon has plans to launch its own digital currency. The retail giant recently posted a job advert calling on suitable candidates to join its Digital and Emerging Payments division.
The job advert has since been pulled, but not before eagle-eyed observers noted it was for the Mexican market, with plans to roll out into other territories if successful.
At this stage, it’s difficult to determine what this project may mean concerning the cryptocurrency industry. But based on past offerings, the firm tends to wall its products within its own ecosystem.
Source: DOGEUSD on TradingView.com