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▲ Dogecoin (DOGE), cryptocurrency payment/AI generated image
Dogecoin (DOGE) rekindled expectations for payment adoption with the launch of Revolut's physical cryptocurrency debit card, but its price remains weak. Despite the positive news of expanding payment use cases, the market did not respond with immediate buying pressure on Dogecoin's price.
NewsBTC reported on May 21 (local time) that Revolut launched a Dogecoin-themed physical cryptocurrency debit card in the UK and most countries in the European Economic Area. The card was introduced as Revolut's first physical cryptocurrency debit card, featuring a Dogecoin design and an LED display that lights up during contactless payments.
The initial target regions for the launch are the UK and most markets in the European Economic Area. However, Hungary, Switzerland, and Portugal were excluded from the initial launch phase. Users can directly link their Dogecoin holdings in the app to the card, and during payment, the platform automatically converts the required amount of Dogecoin into local currency based on real-time exchange rates. Merchants receive payment in local currency, not Dogecoin.
The card can be used wherever Visa and Mastercard are accepted. No additional conversion fees are charged at the time of payment. As Revolut boasts over 70 million users worldwide, this card is seen as a case that has once again elevated Dogecoin into discussions as a real payment method, rather than just a social media meme asset.
However, the price did not reflect the positive news. At the time of reporting, Dogecoin was trading at $0.106, approximately 8.5% lower than the $0.115 recorded last week. One of the direct factors for the recent decline was heightened geopolitical tensions following the US President's warning to Iran on May 18. At that time, Bitcoin (BTC) fell below $77,000, leading to a general decline in the cryptocurrency market, and Dogecoin was also swept up in the bearish trend.
The long-term trend is even more negative. Dogecoin reached $0.48 in December 2024 and rose to $0.29 in September 2025, but has retreated to a range of $0.109 to $0.115 over the past two months. The decline from its cycle high is approximately 75%, and there are no clear signs of recovery yet.
The Dogecoin spot ETF also failed to drive price recovery. Contrary to initial expectations at launch, buying pressure on the memecoin was limited. While there was anticipation that it would easily provide Dogecoin exposure to institutional and traditional financial market investors, the total net inflow since its launch amounted to only $11.78 million. The scale of fund inflows was not large compared to other cryptocurrency ETF products.
Dogecoin revived the payment adoption narrative with the launch of the Revolut card, but its price remains in the low $0.10 range. As the gap between actual use case expansion and investment demand widens, sluggish spot ETF inflows and a general market downturn are hindering Dogecoin's recovery.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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