Ukraine has stated that it would be accepting cryptocurrency donations in the form of the Dogecoin (DOGE) token to help in the conflict with Russia.
Asking for DOGE Support
The Minister of Digital Transformation in Ukraine, Mykhailo Fedorov, made an announcement on Twitter that the token had “exceeded Russian ruble in value.” The ruble has dropped significantly against the U.S. dollar due to U.S. and EU sanctions, however, its price has actually been lower than that of DOGE since January of 2021.
Fedorov’s message called for DOGE proponents, such as Tesla CEO Elon Musk, and Dogecoin’s founder Billy Markus, to donate to Ukraine’s military and “save lives from Russian invaders,” appealing to users that “even memes can support our army and save lives from Russian invaders.”
Aside from his long time support for the token, Elon Musk also hinted that Starlink could be the next company to accept Dogecoin (DOGE), which is likely why he received a specific mention.
Ukraine’s official Twitter account had also said that it would be conducting an airdrop for users who made crypto donations to the country, however, Ukraine’s Vice Prime Minister, Mykhailo Fedorov, announced that the airdrop was to be canceled, and instead announced a selection of NFTs to help support the Ukrainian Armed Forces.
On the Flipside
- According to the blockchain records, the wallet address ended up receiving over 562,113 DOGE tokens, worth a cumulative $75,542 USD at the time of writing, at the exchange rate of $0.13439 per Dogecoin.
Why You Should Care
This heightened level of support for Ukraine, as well as the acceptance of Dogecoin (DOGE), will lead to an increase in its trading volume and an rise in the number of overall cryptocurrency wallets to have bought and held the token.