Dogecoin may not be headed for the moon, but it is headed for the Premier League.
The logo on display
Watford FC players, who were promoted to the richest football league in the world this year, will wear a dogecoin logo on their sleeves for the 2021/22 season, Athletic reported on Saturday.
The initiative is part of a sponsorship agreement with the gambling company Stake.com. It will be worth just under $ 1 million for the team, according to The Athletic, a sports news website.
Watford FC did not respond to requests for comment.
Watford, which is based just north of London, is no stranger to the world of cryptocurrencies. He sported a bitcoin logo on his shirts as part of a sponsorship deal with Sportsbet.io for the 2019/20 Premier League season, which saw the team relegated.
What are cryptocurrencies
Cryptocurrencies are digital currencies that are not controlled by a centralized authority, such as a commercial or central bank. Instead, they are secured using strong cryptographic technology.
Cryptocurrencies exploded in 2021, with the entire market value now standing at around $ 1,95 trillion, according to Coinmarketcap. Yet regulators have repeatedly warned that cryptocurrencies are highly risky.
Dogecoin was started as a joke in 2013 and uses the image of the Shiba Inu dog meme known as Doge. But it has since captured the imaginations of many cryptocurrency fans and garnered the support of celebrities, most notably Tesla boss Elon Musk.
The meme cryptocurrency has risen 8.185% in the past year, according to Coingecko. Fans like to say it is heading to the moon, but the highly volatile token has dropped 60% from its all-time high of $ 0,732 in May.
Sports and cryptocurrencies are becoming more and more common as companies reap the rewards of the cryptocurrency boom.
The Aston Martin Formula 1 team is sponsored by the exchange Crypto.com and football star Lionel Messi's new contract with Paris Saint Germain includes some PSG fan tokens.
The Premier League is a hot target for sponsors. It is the most profitable football league in the world, with € 5,86 billion in revenue in 2019, about $ 6,92 billion at today's exchange rate, according to UEFA.