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Dogecoin donations will be accepted in wartime by Ukraine. Could it spark a rally?

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Since Dogecoin was added, the list of cryptos that support donations has now reached a half-dozen. The dog-themed meme coin joins Bitcoin, Ethereum, Tether, Solana, and Polkadot

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As part of its efforts to raise money for aid, war-hit Ukraine is now accepting donations in cryptocurrencies, including Dogecoin.

Since Dogecoin was added, the list of cryptos that support donations has now reached a half-dozen. The dog-themed meme coin joins Bitcoin, Ethereum, Tether, Solana, and Polkadot

Minister of digital transformation and Ukraine's Vice Premier, Mykhailo Fedorov, tweeted the Doge wallet address in an attempt to solicit donations in the dog-themed cryptocurrency, and tagged Elon Musk, fondly referred to as the 'Doge Father'. The crypto donation effort has so far generated over $40 million for Ukraine, according to the latest numbers.

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While Ukraine has called for donations of Doge, so far there has been little crypto movement since the price-volume action in the token has been range-bound over the last few days. There have been fewer transactions in the last 24 hours as only tokens worth $5.6 million were traded, suggesting a drop in volume. 

Dogecoin has suffered a price drop, as memecoin along with other altcoins was bleeding on Friday. It plunged nearly 5% to $0.1259, with a market cap of less than $16.75 billion. However, adding Dogecoin to the list has boosted investors' morale, who believe that markets are beginning to appreciate the value of decentralized virtual currencies.

A cryptoverse chief advisor Raj A Kapoor commented that "war-like situations may see gold being locked up in banks, accounts frozen, or withdrawal limits imposed, but cryptos would not be affected since they have no boundaries, hassles, or limitations to the wealth and power they can generate."

According to Kapoor, historically, investors have relied on stable assets such as gold in times of war, but cryptocurrency's ability to separate itself from financial markets makes it an ideal investment when other markets are volatile.

Several market participants believe that the move will make multiple cryptocurrencies more widely accepted around the globe, resulting in more names being added to the list. Adding more to it, Praveen Kumar, Founder, and CEO, Belfrics Group said that this is truly a significant move that also validates the multiple use cases of cryptocurrencies.

Since Dogecoin has been extremely popular among investors in India, Kumar cautioned investors not to assume the value from hereon because of the market's extraordinary volatility.

Those looking to buy the dip should know that volatility is part of the course and be prepared for such volatility going forward, say market experts. They suggest sticking with fundamentals for now.

Also Read - Russia-Ukraine war keeps Moscow Stock Exchange (MOEX) offline


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