The cryptocurrency market has made a significant recovery this week. Dogecoin has seen a sharp price recovery this week, and this is not just because of the growing market support but also because of the developments within the Dogecoin ecosystem.
Dogecoin adopted on Bitcoin ATMs
One of the major developments triggering a DOGE rally is the news that the meme coin will be added into a leading cryptocurrency ATM operator in the United States. Dogecoin will now be available for users in these kiosks to buy and sell. Some of the other cryptocurrencies that are already accepted in these kiosks include Bitcoin (BTC/USD), Ethereum (ETH/USD) and Litecoin (LTC/USD).
Cryptocurrency ATMs are platforms that function similarly to traditional cash ATMs. However, in the case of the former, users swap cash for cryptocurrencies or exchange crypto for cash. This transaction is made at a fee.
Crypto ATMs tend to charge higher transaction fees compared to cryptocurrency exchanges. The fees charged range between 6% and 20%. Coin ATM Radar, the largest crypto ATM operator in the US, charges an 11% fee. The US is a major hub for cryptocurrency ATMs. Now, the country has around 1814 Bitcoin ATMs.
Dogecoin makes a notable gain
Data from CoinGecko shows that DOGE has gained by around 15% this week. At the time of writing, the token had dipped by around 2.6% to trade at $0.134. This is still a notable gain, given that the meme coin was trading at $0.114 at the start of the week.
DOGE is still over 80% below its all-time high created in May last year despite attempting to gain. At the time, the meme coin hype was at its peak. DOGE’s performance seems to have spilt over to its rival Shiba Inu. SHIB has also registered slight gains this week due to market support.
Both Dogecoin and Shiba Inu have seen increased adoption over the past year. Despite the meme coin hype dying, the two are still top 20 coins by market cap ranking. Besides, they have also been adopted as means of payment in dozens of places.
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