Investors Bark for Dogecoin as Ukraine Accepts DOGE Crypto Donations

In the midst of an invasion by Russia, Ukraine has begun to accept Dogecoin (DOGE-USD) alongside other cryptocurrencies as donations. Indeed, the meme-coin darling has pawed its way into the spotlight as donations of DOGE pour in. The DOGE crypto has been relatively unresponsive to the news thus far, but as proven before, the coin is usually a mere tweet away from heading skyward.

A gold Dogecoin (DOGE) token stands upright with several BTC tokens laying flat.
Source: Shutterstock

What do you need to know about Dogecoin today?

Well, on Wednesday, Ukrainian Vice Prime Minister Mykhailo Federov gave Twitter (NYSE:TWTR) users Ukraine’s official DOGE wallet address.

It seems crypto has become a saving grace of sorts as the world watches Ukraine fend off the Russian invasion. In fact, since the start of the invasion, Ukraine has raised more than $35 million in cryptocurrency donations.

The “Aid For Ukraine Project” — a collaboration between Ukraine and cryptocurrency blockchain Solana (SOL-USD) — has been a major driver of donations to the country. The partnership allows Solana and Solana-based tokens as acceptable currencies for donations. This comes in addition to the recent meme coins and non-fungible tokens (NFTs) the country is accepting.

Despite their increasing relevancy, cryptos are down nearly across the board today. DOGE and Solana are logging roughly 3% and 6% drops, respectively. So, what else do you need to know?

DOGE Crypto in Spotlight as Meme Coins Allowed for Donation

Today’s news comes just days after Fedorov called on crypto exchanges to block the addresses of Russian users. In a tweet last week, Federov requested crypto platforms to freeze “not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.”

Perhaps a strange request, some suspect Russia will attempt to use crypto in order to evade the economic sanctions levied against it. In the wake of Federov’s request, a number of major exchanges have already released statements on the matter. In particular, the Binance (BNB-USD) and Kraken exchanges refused the request, citing crypto’s role in financial freedom. Kraken CEO Jesse Powell tweeted the following:

“I understand the rationale for this request but, despite my deep respect for the Ukrainian people, [Kraken] cannot freeze the accounts of our Russian clients without a legal requirement to do so.”

Still, with the addition of Dogecoin and a slew of other digital assets as acceptable tender for donations, Ukraine can likely expect a continued outpour of support.

On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that’s writers disclose this fact and warn readers of the risks.

Read More: How to Avoid Popular Cryptocurrency Scams

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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