A Premier League soccer team will sport the dogecoin logo on its jerseys as the meme token hits the soccer world, report says
Premier Leagueteam Watford FCwill feature dogecoinas its sleeve sponsor, according to a report.
- The Athletic said the deal, part of a sponsorship with Stake.com, would be worth just shy of $1 million.
Cryptohas boomed this year and is edging its way into the world of sportssponsorships.
Players for Watford FC, which was promoted to the world's richest
The initiative is part of a sponsorship deal with gambling company Stake.com. It will be worth just shy of $1 million to the team, according to The Athletic, a sports
Watford FC did not respond to Insider's requests for comment on Sunday.
Watford, which is based just north of London, is no stranger to the crypto world. It sported a bitcoin logo on its shirts as part of a sponsorship deal with Sportsbet.io for the 2019/20 Premier League season, which saw the side get relegated.
Crypto has boomed in 2021, with the entire value of the market now standing at around $1.95 trillion, according to 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 known as
The meme cryptocurrency has risen 8,185% over the last year, according to Coingecko. Fans like 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 becoming more common as companies reap the rewards of the crypto boom.
The Premier League is a hot target for sponsors. It's the most lucrative soccer league in the world, with 5.86 billion euros of revenue in 2019 - around $6.92 billion at today's exchange rates - according to UEFA.
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