The first ever NASCAR funded by Dogecoin has been unveiled today.
Driver Josh Wise was originally looking for US$50,000 to race in the series, and he found help in Reddit, with more than 1,200 users in the r/dogecoin and r/NASCAR subreddits donating over 100 million DOGE to fund the project.
What is remarkable about Wise’s initiative is its speed. Wise tweeted on March 25, “Just a week ago this was only an idea and now it's a reality. So thankful for all the fans, @reddit community and @dogecoin for doing this.”
This aptly demonstrates the ease of using cryptocurrencies to achieve international cooperation unbelievably quickly and efficiently, with minimal organization.
One significant partnership
Wise also started accepting user-generated ideas for the car’s paint job, and the finished design has now been revealed. Fittingly, a familiar face stares knowingly from the rear, with even a detail behind the tires reading “To the moon!”
The past month was not without further surprises from the community, with one user accidentally donating 20 million DOGE rather than two million, a difference of US$13,500, but remarkably stuck to his decision to fund over a third of the total cost.
Subreddits were also awash with well-wishers ahead of the Sprint Cup Series race at Talladega Superspeedway in May. Among them, u/QSpam mentioned what many will be thinking; “Dogecoin and NASCAR, who would’ve thought?”
With the realization of the project, a cryptocurrency has become a sponsor of one of the most popular sporting events in the US, opening up a wealth of positive publicity for Dogecoin beyond its status as a financial tool.
The volume of casual interest from lay consumers to result from the sponsorship could well be unprecedented. Furthermore, each leap for Dogecoin represents a step for altcoins towards greater acceptance and popularity with the public, which will challenge the notion held by some that the future of cryptocurrency lies in Bitcoin and its development.
You can read more about Josh Wise’s NASCAR journey and of course see pictures of the finished product here.