The central theses
- The Dogecoin community today coordinated their April 20th social media campaign to raise awareness about the coin.
- Snack food company Slim Jim took note of the event and in response created a Dogecoin-themed non-fungible token.
- The collector’s item will be auctioned on OpenSea over the next four days. The proceeds go to charity.
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Slim Jim attended the Dogecoin community’s “Doge Day” event today by creating a non-fungible token or crypto collectible.
Slim Jim creates NFT
The company behind Slim Jim Snack Foods has created an NFT artwork featuring a rocket and a Shiba Inu, the legendary breed of “meme” dogs that represent cryptocurrency.
“In honor of Doge Day on April 20th, Slim Jim is taking the Doge philosophy of doing good every day even further with his first-ever NFT,” a company representative said in a report on financial news website Benzinga.
Although the theme was styled after Dogecoin, the NFT was actually built on the Ethereum blockchain and is currently being auctioned on the Ethereum NFT marketplace OpenSea.
The bid runs until April 24 at 2:59 am. So far, the collector’s item has attracted 0.06 ETH (worth around $ 136) as the highest bid. The auction proceeds plus $ 10,000 will be donated to World Central Kitchen, a charity that offers meals following natural disasters.
Slim Jim’s social media presence is largely based on memes. Hence, this is a suitable event for the company to attend.
Slim Jim’s decision to create an NFT, however, is part of a larger trend. Other companies – or employees acting on their behalf – have created similar tokens. Notable participants are TIME, Microsoft, Nasdaq, and the New York Times.
Is Dogecoin gaining legitimacy?
Dogecoin has become a quick hit this year, largely thanks to promotions from celebrities like Elon Musk, combined with coordinated campaigns sourced from Reddit’s / r / WallStreetBets community. Thanks to these campaigns, DOGE’s price rose by more than 16,000% last year.
Meanwhile, critics like Charles Hoskinson, the leader of Cardano, have warned that this trend is unsustainable and warned investors that Dogecoin will face a price drop at some point.
However, if Dogecoin continues to attract the attention of mainstream companies, it could maintain its position as the leading cryptocurrency for a considerable period of time.
The acceptance is growing steadily, despite the previously small stature of the coin. Newegg used Doge Day to add Dogecoin as a payment method. Also, last month Mark Cuban and the Dallas Mavericks started accepting DOGE as payment for merch and tickets.
According to Cryptwerk, over 1200 other companies accept the coin.
Disclaimer: At the time of writing, this author held less than $ 75 in Bitcoin, Ethereum, and Altcoins.