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DOGE dumps as Dogecoin-sponsored NASCAR driver crashes


21 Jun 2021

#Dogecoin

The Dogecoin-themed race car that crossed the finish line sideways after hitting a wall on Saturday appears to have served as the perfect metaphor for DOGE’s weekend performance. A Dogecoin-donned race car hit a wall in spectacular fashion over the weekend as DOGE fared much the same in the markets.

Saturday’s National Association for Stock Car Auto Racing (NASCAR) Xfinity Series Race in Nashville ended in disaster for the Dogecoin sponsored car, with the DOGE-emblazoned Chevrolet Camaro driven by Stefan Parsons smashing into the wall on lap 70.

The faithful fans of the meme cryptocurrency had been revved up for the race, with the #dogecar hashtag trending on Twitter in the lead-up to the June 19 event. Photos of the number 99 race car featuring the iconic Shiba Inu plastered across the vehicle’s hood were shared with gusto. However, as a result of the accident, the Dogecar finished the event in last place. Despite the loss, Dogecoin’s supporters were grateful for the coverage.

Dogecoin itself has not fared so well either, dumping 14% over the weekend in a fall from roughly $0.30 to a Sunday low of nearly $0.26. DOGE has lost 30% over the past fortnight and is currently down 64% from its all-time high of $0.73 on May 8.

Saturday’s race was not the first time Dogecoin’s famed cartoon pooch has found its way onto the hood of a NASCAR vehicle, with driver Josh Wise raising $55,000 in DOGE donations on Reddit to fund his entrance in 2014. When Josh Wise ran the scheme, he was driving the Number 98 car for Phil Parsons Racing.

The sponsorship deal for the car that raced this past weekend was announced in early March by BJ McLeod Motorsports. Driver Stefan Parsons, whose father owned the racing team for the first Doge sponsored race car back in 2014, stated: “Having the opportunity to run a scheme that has an incredible story from my Dad’s race team is something I am so proud to do,”

In related news reported by Cointelegraph, Xfinity Series driver Landon Cassill agreed to receive part of his salary in Bitcoin and Litecoin as part of a sponsorship with crypto broker Voyager. Voyager finalized a 19-year agreement to sponsor Cassill starting with the weekend’s race at the Nashville Superspeedway. Cassill confirmed the company would pay for the deal entirely with a “portfolio of various digital assets.”


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