Dogecoin shot up nearly 8% over 24 hours to $0.14 leading up to early Wednesday morning as social media buzz around McDonald Corporation (MCD) accepting the meme coin continued.

Dogecoin DOGE traded almost 2.5% lower over 24 hours leading up to early Tuesday morning alongside other major altcoins.

Photo by Kanchanara on Unsplash

Dogecoin, In Numbers: 

• 24-Hour Performance: 7.9%
• 7-Day Performance: -13.5%
• 30-Day Performance: -23.45%
• YTD Performance: -15.8%

Why It’s Moving?

McDonald’s laid out a condition for it accepting DOGE on Tuesday. The restaurant chain said if Tesla Inc (NASDAQ:TSLA) accepts “grimace coin” — a makebelieve coin depicting its mascot Grimace, it would accept DOGE.

McDonald’s attracted high interest from retail investors at press time on Stocktwits, while DOGE was seend trending on CoinMarketCap, a cryptocurrency price tracking website.

Altcoins, as well as Bitcoin, were relatively stable on Tuesday compared with equity markets which declined ahead of a Wednesday press conference by Federal Reserve Chair Jerome Powell. 

DOGE is sitting just under a critical level on its chart with bullish traders looking for it to cross the $0.15 mark, according to Benzinga's Tyler Bundy.

Dogecoin Chatter:

McDonald’s humorous stance was taken after Musk tweeted that he would eat a happy meal on TV if the latter accepted DOGE. Restaurant Brands International Inc (QSR) unit Burger King one-upped the rival with a tweet of its own.

Burger King’s stance won it some affection on r/Dogecoin — a Reddit forum that discusses the meme coin. 

Reddit user crazycarl36 said “Burger King it is (again).” while another user Firm_Business_8378 said, “For real going to quit eating Mc Donald's over this. Probably the healthiest decision I've made in my life. Buger (sic) King it is.”

Dogecoin-centric Twitter handle Mishaboar reminded his followers of how low DOGE transaction fee would mean that if they paid for 10 items at a fast-food chain for one year with the meme cryptocurrency they would only be paying $2-3 in fee per year.