Some days ago, Tinder announced that they would be accepting Dogecoin as a payment for their premium services. The Dogecoin community seems to have embraced this news with lots of optimism, and for good reason. Tinder stats show that as of March 2018, the platform had over 1.6 billion swipes a day. That’s a huge number and if just a fraction of them were to embrace Dogecoin for premium payments, it could drive up transaction volumes on the Dogecoin network, and by extension its demand.
The best part is that, Dogecoin could actually incentivize people to pay for premium services on Tinder. That’s because it is easier, cheaper, and doesn’t require as much information as conventional payment methods. It is way more comfortable and convenient to pay for a dating service in Dogecoin (DOGE), than to do so using a credit card.
In essence, Tinder could see an uptick in premium services, while Dogecoin gets a massive spike in everyday volumes. This in turn could see the price of Dogecoin begin to gain significantly over time, and draw in more speculators. An increase in trading volumes could easily mark the beginning of a Dogecoin Bull Run.
Signs of such a move are already beginning to show. In the last 72-hours, Dogecoin (DOGE) has spiked, and it seems to be gaining momentum. While this could be based on the excitement created by this announcement, it could also be an early indicator that demand for Dogecoin is on the rise. In that case, then chances are that a Dogecoin (DOGE) Bull Run is underway, and it could be way bigger than the last one. That’s because, this time round, demand for Dogecoin (DOGE) is far much higher than it was during the 2017 Bull Run.
Besides that, the Tinder announcement comes at a time when signs of a whole market recovery are already there. One of those signals is the uptake of crypto by institutional money. For the first time ever, pension funds are allocating a portion of their investments into crypto. This is a strong indicator that this space is gaining legitimacy in institutional circles. The result is that many others will follow suite, and drive up the demand for Bitcoin (BTC).
Going by past market performance, when Bitcoin performs well, the rest of the market follows, and this time round is unlikely to be any different. Besides, this time round altcoins like Dogecoin (DOGE) already have a more entrenched base. Legitimacy of cryptocurrencies is also validated by its increasing adoption in troubled countries, case in point being Venezuela. As the perception that crypto is a safe alternative to fiat grows, crypto uptake will grow.
In essence, everything looks setup for a crypto rise, and Dogecoin has the tools to rise significantly this time round. If the market pushes above the 2017 highs, and more platforms like Tinder take up Dogecoin (DOGE), then this crypto testing a $0.50 – $1 price range would be a realistic possibility.