For those among us who have been paying (close) attention to the exchange charts over the past few days will have noticed a steady uptrend in the DogeCoin price. A lot of people are still wondering why this is happening, while the reason for this uptrend is simple… Paypal of course!
Even though the Paypal announcement has been mostly about Bitcoin and the new possibilities this partnership will bring for the BTC community, DogeCoin was in that announcement too. Not even hidden either, as it was clearly mentioned. Or, well, as clear as possible if you can put two and two together.
This new Paypal-Bitcoin relationship relies on several partners : BitPay (handles BTC transactions), Coinbase (handles BTC transactions) and GoCoin (handles BTC transactions, but also Litecoin and DogeCoin transactions, which apparently eluded many of us).
Even though GoCoin is not a new company by any means, and people have a general idea of which services they offer, everyone is focusing on how they process Bitcoin transactions. The reason why I am a secret admirer of GoCoin is because they branch out to altcoins too, in the form of Litecoin and DogeCoin.
Time to put two and two together then! Paypal has a partnership with GoCoin. GoCoin processes three coins. This means that…. yes, yes you see it now don’t you? Not only Bitcoin, but also Litecoin and DogeCoin can be used to send money to Paypal merchants. Albeit through only one of the three partners, but still, it’s there.
As a result of the people who did manage to make this connection before a lot of others, they scooped up cheap DogeCoin and are now making very nice profits. Whereas 1 DOGE traded for 25 Satoshi at the end of August, that same DOGE is now trading for 109 Satoshi. Just a 340% increase over a few weeks, which is not bad if you ask me! (according to these Mintpal charts).
Despite a lot of people still looking at DogeCoin as being a joke coin, you can’t deny their presence in the world of cryptocurrency and altcoins. And with DOGE being linked to Paypal now, things can only get more interesting for the DogeCoin community!