Cloudbet adds Dogecoin as a crypto token for its casino products

May 11, 2021

Dogecoin’s rise has perhaps been one of the most fascinating stories in the wider crypto narrative that we have seen over the past 12-18 months. Its impact and value can be seen from the fact that it was worth more than blue-chip companies such as Ford Motors and British Petroleum at one point, but it was originally always intended as just a joke and meme currency. Dogecoin has risen by around 15000% since the start of the year, and its total market capitalization is around $70-80 billion, more than that of some countries, and close to hitting $100 billion. Thus, while it may have started out as a joke, it is certainly something to be taken seriously now.

The token was created in 2013 by two software engineers from Adobe and IBM, who based it on the popular ‘doge’ meme, which features a Japanese shiba inu dog. Its rise over the last few months has been part of the general wave in cryptocurrencies which has seen most tokens hit record highs on a regular basis. Some of this has also been fuelled by stimulus payments in the US, where the government has now sent out three tranches of payments to citizens worth over $384 billion. The more affluent part of the population has put this money into the stock and crypto markets, which has been a factor behind the steady rise in asset prices over the last year, even as an economic collapse continues all around the world. Another factor is the falling value of fiat currencies, as central banks pump money to provide economic stimulus and keep interest rates low during this time. The rise in Dogecoin and other crypto tokens’ price has made millionaires of several of the early adopters, and in that respect, these crypto tokens have certainly had a huge impact across people’s lives. However, they are also being adopted by industries and businesses – tokens like Dogecoin which may not have a lot of intrinsic value are also included.

Dogecoin’s impact can be seen from the fact that there are several businesses across various sectors that are including this token in their programs and initiatives to adopt crypto. One such example is of the crypto gambling and betting site Cloudbet, which has now included Dogecoin as a viable payment and betting option on its platform. This is quite a big move, as cryptocurrencies have seen a lot of acceptance on online casinos, and thus including Dogecoin is a signal that Cloudbet believes in the potential and sustainability of this token. This adds it to a list including the likes of Bitcoin, Ethereum, Litecoin, and others, taking the number of cryptocurrencies supported by Cloudbet to 12. These 12 tokens account for more than 80% of the crypto market, so Cloudbet is definitely offering the most commonly-used and traded tokens as options for betting on its platform, and it is also another indicator of just how big Dogecoin has become, to be included in this group.

Of course, there are still a number of concerns around this token, but the numbers do not lie, and Dogecoin has provided huge returns for investors over just the last six months, let alone going back to 2020. One of the biggest factors behind this rise has been the support of several celebrities, with Elon Musk being the most notable. The Tesla and SpaceX CEO has often tweeted his support for Dogecoin, with his tweets and memes sending the token to new highs every time. Musk has been a supporter of cryptocurrencies for a long time now, and Tesla has bought into this as well, having announced a few months ago that it had bought $1.5 billion worth of Bitcoin, while the company also now allows potential buyers of its cars to pay in the form of Bitcoin. Thus, his support of Dogecoin is seen as an endorsement of its value by the online trading community, which is what propels the token to new highs every time Musk tweets or talks about it. However, there was a bit of a downfall recently, when Musk appeared on the American show Saturday Night Live and said that Dogecoin was “a hustle” – the token subsequently dropped by more than 30% in just a few hours.

That said, Dogecoin does have the usual benefits that cryptocurrencies provide – it is extremely fast, safe and reliable in terms of transactions, while it can provide anonymity and safety. Thus, it is definitely popular with gambling fans online, and this explains why Cloudbet has added it to the list of cryptos available for betting on its platform. However, Dogecoin has been one of the most volatile cryptocurrencies around, so it may be better to use it as a betting and gambling vehicle rather than an investment.

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