Dogecoin (DOGE) will serve as sleeve sponsor (sleeve sponsor, in Spanish) of the shirt of the Premier League football team Watford FC during the 2021/22 season.
Reports indicate that the deal will be worth around £ 700,000 (roughly $ 970,550). It came about as a result of a collaboration with Watford’s main jersey sponsor, Stake.com.
DOGE has taken over the role previously held by Bitcoin (BTC). Watford FC Players sported BTC logos on their jersey sleeves during the 2019/20 Premier League season, as part of a sponsorship agreement with Sportsbet.io.
This deal was reportedly worth £ 1 million. Watford was relegated during this season but was promoted to the Premier League in 2021.
Soccer embraces cryptocurrencies
Like many other areas of entertainment, the sports world has taken cryptocurrencies in stride, and soccer is no exception.
In 2021 alone, various fan tokens of football clubs and teams have been developed; game legends have released NFT collections; even cases of players bought with cryptocurrencies.
DOGE’s sponsorship of Watford is also not the first example of such an agreement and the partnerships have not only relied on individual clubs, but on entire championships.
In May, Crypto.com revealed that it had become an official sponsor of the Italian Lega Serie A. They launched their association with the Italian soccer league by sponsoring the Coppa Italia final on May 19 between Atalanta and Juventus.
Since then, the platform has formed other sporting deals outside of soccer, including Formula One and the Ultimate Fighting Championship.
The rise and fall of DOGE in 2021
In the first part of the year, altcoin inspired by the memes DOGE showed significant growth. Growth that culminated in an all-time high of $ 0.74 in May.
Activities on social media High-profile figures like Elon Musk and Mark Cuban contributed to this. After that ATH, the token suffered something of a fall from grace, dropping to $ 0.38 in a matter of days and was unable to gain any similar ground since.
Still, the analysis has indicated that DOGE has benefited from recent market conditions. At the time of writing, DOGE was worth $ 0.30. It was ranked as the seventh most valuable cryptocurrency by market capitalization.
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