Last Sunday, May 4th, Josh Wise came in 20th at the Aaron’s 499 race in Talladega. Wise drove the Dogecar, which was sponsored by the NASCAR and Dogecoin reddit communities. The race spanned over 3 hours, 17 minutes, and 16 seconds, with Denny Hamlin taking the trophy. Wise narrowly avoided multiple crashes. Josh’s best position was in 4th place with just 25 laps to go. The Dogecoin price does not seem to be affected at all by the race as some thought; it’s gone up and down as usual, with no sudden spikes.
All focus was on Wise and the Dogecar when he was the only car to go for a pit stop. The announcers spent 45 seconds discussing the Dogecar:
Mike Joy: And it’s the Dogecar machine for Josh Wise. Doge is an internet cryptocurrency. It’s not traded in dollars, but a win here would pay 596,664,147 Dogecoins. And a group of people on reddit.com that are NASCAR fans crowdfunded this sponsorship for Phil Parson’s racing and Josh Wise today.
Darrell Waltrip: Yep, I looked it up on the ol’ Google machine and it is quite a deal he’s got going on here, it could turn into something really big.
To some people’s surprise, the Dogecoin price does not seem to have been affected. It’s remained stable over the past few weeks. It was not uncommon to think that Dogecoin’s publicity combined with the halvening (which was just a few days before the race) would raise the value of the coin. It was hoped that when people saw the Dogecar, they would invest in it, which would increase the value. Apparently, that didn’t happen.
However, increasing the value of Dogecoin was not the only reason the community funded the car. It was done for numerous reasons, including supporting an underdog (“underdoge“), increasing awareness for Dogecoin and cryptocurrencies in general, and having some fun. So even if the price wasn’t raised, many other good things happened.
Wise & crew will be selling t-shirt versions of the crew shirts. They’ll be auctioning off ten replicas of the crew shirts signed by Wise and Phil Parsons (who owns the team Wise races under) on eBay (one per day for ten days). After that they’ll sell t-shirt versions for $20-$25 each, and might even sell them for Dogecoin (and maybe Bitcoin). This’ll probably be a huge hit, although many people want the crew shirts, not t-shirts. Wise says the t-shirts are being made because they’re more affordable.
So, although the value may not have risen, a majority of the community thinks of the race as a huge success. Some are thinking about attempting another Dogecoin/NASCAR sponsorship for Wise, but we’ll wait and see if that happens.
Graph courtesy of CoinMarketCap.com
Last modified (UTC): May 14, 2014 02:39