CoinFlip was founded in 2015 in Chicago, and is the leading Bitcoin ATM operator in the US, with over 1,800 machines present in 46 states.
Its ATMs support nine cryptocurrencies, and the company aims to advance the adoption, accessibility, and liquidity of cryptocurrencies to support communities that need it most, such as the underbanked.
In addition, the company has experienced significant growth in 2020, with revenues last month being 359% higher than the same month last year. In addition, the size of its Bitcoin ATM network has more than tripled, to meet the growing demand for easy and affordable ways to buy and sell cryptocurrencies. In January 2020, CoinFlip had 441 ATMs, while by the end of the year they had already grown to over 1,400.
It is possible that the decision to add DOGE is also a consequence of the considerable interest in this cryptocurrency from celebrities such as Elon Musk, Snoop Dogg, Gene Simmons and Kevin Jonas, to the extent that the company states:
“This announcement validates the legitimacy of the coin”.
So now Americans will be able to find DOGE alongside BTC, ETH, BNB, DASH, LTC, LINK, USDC and XLM in almost every state, so they can also buy or sell it for cash.
ATMs take advantage of Dogecoin’s popularity
CoinFlip co-founder and CEO Daniel Polotsky commented:
“Given its growing popularity and recent mass adoption, we are dedicated to making sure that Dogecoin is a part of our portfolio of coins, and encourage further support of this cryptocurrency in the coming months”.
It has to be said, however, that Dogecoin’s value is really partly based on the narrative that is being generated about it mainly on social networks, particularly by celebrities like Elon Musk.
For example, at the moment its value of around $0.05 is relatively high, although it is 37% below its all-time high.
Its all-time high was reached very recently, on February 8th, 2021, when it shot up to $0.085, marking an incredible +962% in just 10 days, thanks in part to the likely involvement of the famous subreddit WallStreetBets.
Given that the price had previously never even exceeded $0.02, it is possible that the incredible rise in early 2021 is merely the result of a speculative bubble due to organized pumps on the one hand, and celebrity narratives on the other.
For example, the average number of daily transactions on the Dogecoin blockchain is not only vastly lower than that of Ethereum or Bitcoin, but also lower than that of cryptocurrencies that are now considered “minor” such as Litecoin or BSV.