Dogecoin might not be heading to the moon but it’s heading to the Premier League.
Players for Watford FC, which was promoted to the world’s richest soccer league this year, will wear a dogecoin logo on their sleeves for the 2021/22 season, The Athletic reported on Saturday.
The initiative is a component of sponsorship that affects gambling company Stake.com. it’ll be worth just shy of $1 million to the team, consistent with The Athletic, a sports news website.
Watford FC didn’t answer Insider’s requests for discussion Sunday.
Watford, which is predicated just north of London, is not any stranger to the crypto world. It sported a bitcoin logo on its shirts as a part of a sponsorship that affects Sportsbet.io for the 2019/20 Premier League season, which saw the side get relegated.
Cryptocurrencies are digital currencies that are not controlled by a centralized authority, like a billboard or financial institution. Instead, they’re secured using complex cryptographic technology.
Crypto has boomed in 2021, with the whole value of the market now standing at around $1.95 trillion, consistent with 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 meme Shiba Inu dog referred to as Doge. But it’s since captured the imagination of the many crypto fans and has garnered the support of celebrities – most notably Tesla boss Elon Musk.
The meme cryptocurrency has risen 8,185% over the last year, consistent with Coingecko. Fans wish to say it’s heading to the moon – but the highly volatile token is down 60% since an all-time high of $0.732 reached in May.
Sports and crypto tie-ups are getting more common as companies reap the rewards of the crypto boom.
The Aston Martin Formula 1 team is sponsored by exchange Crypto.com, and soccer star Lionel Messi’s new contract with Paris Saint Germain includes some PSG “fan tokens”.
The Premier League may be a hot target for sponsors. it is the most lucrative soccer league within the world, with 5.86 billion euros of revenue in 2019 – around $6.92 billion at today’s exchange rates – consistent with UEFA.