Dogecoin’s sponsorship of yesterday’s NASCAR race turned out to be a pretty big flop. Indeed, the Dogecoin-sponsored car promptly crashed into the wall of the Nashville track, just like the DOGE prize!
Metaphorical Car Crash
Dogecoin returned to stock car racing, NASCAR, after seven years and things didn’t go well this time for either the sponsored car or the cryptocurrency.
Indeed, Doge holders, represented by Sean Taylor, CEO of Springrates, sponsored American driver Stefan Parsons’ #99 car for yesterday’s NASCAR Xfinity Series race in Nashville.
But the Chevrolet Camaro adorned with a Dogecoin effigy crashed directly into the wall, finishing the race in last place, much to the disappointment of the Dogecoin army, the cryptocurrency’s most ardent fans who pushed the hashtag #dogecar into top trending on Twitter last night.
Dogecoin and NASCAR have a long history
In 2014, Dogecoin holders coordinated with Reddit to sponsor NASCAR driver Josh Wise, having donated $55,000 worth of DOGE. Stefan Parsons’ father, Phil Parsons, also raced on the same team as Wise, who finished the race in 20th place.
A little trivia by the way, NASCAR driver Landon Cassill will be paid entirely in cryptos for the remainder of the 2021 NASCAR Cup Series season, which is, remember, the largest auto competition in the United States.
DOGE is down 9.6% over the past 24 hours and is now flirting with $0.25. The token is now the seventh largest cryptocurrency in terms of market capitalization with $34.8 billion, according to Nomics data.
Dogecoin remains probably one of the most divisive crypto-currencies in the cryptosphere. Simple shitcoin for some, “people’s currency” for others, one thing is for sure, it is part of the landscape whether we like it or not. But just like this crash, even the $1.2 million giveaway to get people to trade Dogecoin on Coinbase wasn’t enough to maintain an already extremely fragile price.