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Ukraine accepts Dogecoin for donations, how did this affect the token’s value?

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on Mar 3, 2022
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  • Ukraine said that it would accept cryptocurrency donations in Dogecoin (DOGE).
  • The Dogecoin community donated $53K to Ukraine.
  • Ukraine’s official Twitter account said that it would be conducting an airdrop on Thursday.

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Dogecoin DOGE/USD is a cryptocurrency token that truly made a name for itself as the top meme token.

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It was initially developed as a joke that took a more lighthearted tone to the, at the time, extremely serious cryptocurrency community.

However, ever since its time on the cryptocurrency market, it has truly grown to one of the largest tokens and has one of the largest communities out there.

The community is loud on a social media channel and has a reputation for donating to charitable causes.

Ukraine’s expansion of crypto donations to accept Dogecoin as a catalyst for growth

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Due to the fact that the price of the meme-based token Dogecoin is higher than that of the Russian ruble, Ukraine has opened DOGE donations for the very first time.

The Minister of Digital Transformation of Ukraine, Mikhail Fedorov, made an announcement on March 2, 2022,  that the token had “exceeded Russian ruble in value.” While the ruble has dropped significantly against the U.S. dollar in the wake of U.S. and EU sanctions, its value has been lower than DOGE’s since January of 2021.

Fedorov’s message also called for DOGE proponents, such as Tesla CEO Elon Musk and Dogecoin Founder Billy Markus, to donate to Ukraine’s military and “save lives from Russian invaders.”.

According to the blockchain records, thus far, they have received more than 397,848 DOGE from 607 transactions, which is around $53,000 in value.

Additionally, Ukraine’s official Twitter account said that it would be conducting an Airdrop on March 2 for users who made crypto donations to the country.

We also covered how Dogecoin’s founder recently spoke against meme coin spam ads on Twitter.

Should you buy Dogecoin (DOGE)?

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On March 3, 2022, Dogecoin (DOGE) had a value of $0.13152.

To get a heightened perspective as to what this value point represents for the DOGE cryptocurrency token, we will be comparing it to the all-time high value of the token, as well as the performance the token showcased throughout the previous month.

The all-time high value of the Dogecoin (DOGE) token was on May 8, 2021, when the token reached a value of $0.731578. This means that at its ATH value, the token was $0.600058 higher in value or by 456%.

When we go over the performance of the token throughout the previous month, Dogecoin (DOGE) had its highest point of value on February 7 at $0.1683, while its lowest point was on February 24, when it decreased to $0.1116.

This gives us an indication that the token decreased in value by $0.0567 or by 33%.

However, from February 24 to March 3, the token saw an increase in value of $0.01992 or by 17%.

With this in mind, we can expect Dogecoin (DOGE) to reach a value of $0.17 by the end of March 2022.

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