Dogecoin recently facilitated a $600,000 transaction that’s sure to go down in crypto history books; here’s more on this exciting development
Dogecoin: From memecoin to trendsetter
When we look back at the journey of Dogecoin, it’s hard not to take a step back and smile. Initially launched as a “memecoin,” this cryptocurrency has gone on to become one of the most popular and capitalized cryptocurrencies over the last few years.
Additionally, Dogecoin has helped redefine what cryptocurrencies should look and feel like. If you had told the average person a few years ago that a cryptocurrency with a dog as its mascot would be one of the most highly sought-after cryptocurrencies, they would have looked at you as a crazy person.
One of the most inspiring things to happen to Dogecoin over the last two years is that it’s now publicly accepted within the community as a respected cryptocurrency. Now, when people think about Dogecoin, memes may not be the first things to come to mind. When you search Dogecoin on your favorite search engine, you’ll likely see serious results about it being a respected cryptocurrency.
Today’s piece isn’t about the public acceptance of Dogecoin; it’s about how this cryptocurrency was recently used in a $600,000 transaction. We’ll go over the specifics of the transaction, the people and entities involved, and what the transaction might mean for the future of the coin and other related cryptocurrencies.
MyDoge founder spends big on Big3 Basketball
Bill Lee is the founding chairman of MyDoge, a self-custodial Dogecoin wallet. A few weeks ago, we reported on Big3 basketball choosing NFTs as its investment tool of choice as the league expands to welcome new investors.
Lee purchased 25 fire-tier NFTs editions of Big3’s aliens, and what makes this transaction stand out is that it was financed using Dogecoin. To be precise, $600,000 worth of Dogecoins, and many hope that this transaction will lead to better adoption of Dogecoin by Big3 basketball.
Additionally, this transaction is now the most significant commercial transaction in the history of Dogecoin, setting a new high for others to surpass. The Big3 basketball league fire-tier NFTs grant owners access to killer 3’s intellectual property, league-approved products, and licensing.
Sequel to the purchase, Lee’s ownership will lead to Dogecoin’s adoption by Big3, and this’ll result in the integration of the MyDoge wallet so players, coaches, teams, and officials can receive Dogecoin tips on Twitter.
Lee shared the reasoning behind his purchase while taking a dig at NFTs, “While others are buying NFT images of apes and owls, I believe that NFTs with utility is the next frontier. It is a dream to own a basketball team, and the BIG3 is shifting the NFT game by offering ownership rights such as licensing/IP, team voting/management, and merchandising. The Doge Army and I look forward to making Dogecoin the people’s currency while helping our team hoist the championship trophy. I can’t think of a better NFT experience than that today.”