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DOGE and Shiba Inu: Identifying why more companies are accepting ‘dog coins’

Published

3 years ago

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Source: Unsplash

It’s becoming relatively common to encounter businesses that will accept Bitcoin or Ether as payments. But now, more companies are also starting to welcome meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB]. Far from being low-risk companies or smaller businesses, some of the world’s most profitable sectors are showing their love for dog coins.

A puppy a day keeps the doctor away

Ask The Doctor, a medical news platform catering to Canadian readers, has announced that it added $1.5 million USD to its balance sheet. The platform also revealed it would soon start accepting SHIB.

Furthermore, the company stated that it would be adding yet another $1.5 million USD in either SHIB or DOGE to its balance sheet. In fact, Ask The Doctor asked users to vote for their pick.

In doing so, the company also explained its reason for supporting meme coins. It tweeted,

“Ask The Doctor has love for all ‘dog tokens’ and all crypto. We believe in financial / health inclusion for everyone globally. This is why we as a company are striving to get lots of utility for $doge $shib and $floki … #disrupthealthcare“

As COVID-19 still reigns supreme, 2021 has seen a host of medical companies offering to accept payments in DOGE and SHIB. Just one example was PPE and medical supplies company CovCare, which claimed

to be the first company to accept DOGE as payment.

Meanwhile, the Marchand Institute – a surgical non-profit – also announced it is now accepting SHIB payments. Interestingly, the drug/alcohol testing kit provider Uritox Medical revealed it would be accepting SHIB.

Now, one might wonder – What’s the reason for all the “barking?” Well, one possible answer is that smaller companies can use DOGE and SHIB payments as a way to differentiate themselves from bigger rivals and mega-corporations bound by more traditional payment policies.

Accepting meme coins also boosts a company’s online presence, as both the DOGE and SHIB investor communities are very active on social media.

Not just ‘dog-ters’

As expected, other sectors also want in on the SHIB hype. A case in point is AMC Theatres, whose CEO reportedly asked Bitpay to support SHIB payments.

Later in the month, online retailer Newegg also stated it would soon be accepting SHIB.

Now, this may seem like a lot of effort for some very volatile meme coins. However, the advantage is that by accepting coins like DOGE and SHIB, these companies show that they are listening to customers and tracking their preferences closely.

Un-leash me!

At press time, SHIB was the 13th largest crypto by market cap, fetching a price of $0.00004287. Meanwhile, DOGE, the 10th biggest crypto, was going to new owners at $0.2058.

While SHIB jumped up by 8.47% in the last seven days, DOGE plunged by 4.85% over the same period.

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