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Dogecoin crashes as sponsored NASCAR car hits wall

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Dogecoin crashes as sponsored NASCAR car hits wall

The NASCAR driver Stefan Parsons, sponsored by Dogecoin, crashed his #99 car during Sunday's race, resulting in a loss. This incident coincided with Dogecoin's price plummeting to $0.2559 last night.

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The No. 99 car sponsored by Dogecoin and driven by NASCAR driver Stefan Parsons crashed into the wall during Sunday's race, coinciding with Dogecoin's price plummeting to $0.2559 the night before.

According to Decrypt, this marks Dogecoin's return to NASCAR after 7 years, but both the car sponsorship and the cryptocurrency faced challenges.

The National Association for Stock Car Auto Racing (NASCAR) is known as the largest and most recognized stock car racing organization in the United States.

The NASCAR Xfinity Series race took place on Sunday in Nashville, Tennessee, where the Dogecoin-sponsored American driver Stefan Parsons drove the No. 99 car. Dogecoin holders led by Sean Taylor, CEO of Springrates, were present at the event to show their support.

The Chevrolet race car adorned with Dogecoin logos first lost control on a turn, collided with another car, then skidded across the infield grass and crashed into the wall, ultimately finishing the race in last place, disappointing Dogecoin supporters.

Originally, the Dogecoin community, known as the Dogecoin Army, used the #dogecar tag on Twitter, but now the top result under this tag is a video of the Dogecoin-sponsored car crashing into the wall.

Meanwhile, Dogecoin's price dropped by 9.6% to $0.26 in the past 24 hours. According to CoinMarketCap, Dogecoin is currently the 6th largest cryptocurrency with a market capitalization of $35.5 billion.

Dogecoin's price peaked when mentioned on Elon Musk's TV show and has since been on a downward trend. Despite being listed on Coinbase Pro in June, its price did not increase accordingly.

Dogecoin has a deep connection with NASCAR. Back in 2014, Dogecoin holders collaborated with Reddit to sponsor NASCAR driver Josh Wise and donated $55,000 worth of Dogecoin.

Both the Dogecoin-sponsored car and the Dogecoin itself crashed. When will they be repaired?

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