Much Wow: Slim Jim Has a Dogecoin Strategy. News of It Sends DOGE to a New ATH
Smoked meat stick vendor Slim Jim has an actual official dogecoin strategy. And it appears to be working, big time. News of this tie-up, which CoinDesk broke earlier Thursday, sent the price of DOGE to a new record.
The social media-savvy snack food saw its Twitter follower count increase 160% and tweet impressions soar to the moon (35 million impressions in 25 days) after it began engaging in Shiba Inu meme coin content last quarter, according to the CEO of parent company Conagra Brands.
“We’ve seen a marked uptick in audience interaction, including direct engagement and advocacy from the person [who] created dogecoin,” CEO Sean Connolly said on Conagra’s April 8 earnings call.
Exemplifying the hype-prone state of the cryptocurrency market right now, the publication of this story earlier today was enough to cause DOGE to nearly double to a new high-water mark of 25 cents from 13.6 cents before the report. In recent trading, DOGE had settled down to 24.4 cents, up 83.4% on the day and more than 4,300% year to date.
On the earnings call, Connolly credited the dogecoin community with “playing a large part” in delivering Slim Jim the ultimate win in Adweek’s March Madness-themed brand face-off earlier this month.
The callout, apparently the first time dogecoin has ever been featured in an earnings call, and certainly the first instance of a public company deploying a bona fide strategy around DOGE (no, Elon’s memes don’t count), highlights how dogecoin has become a serious business while staying true to its roots as an objectively ridiculous meme coin.
The infinitely inflationary early bitcoin spin-off rocketed to new all-time highs amid a broad crypto-market rally that preceded Coinbase’s Nasdaq listing on Wednesday, and propelled further by this story. That DOGE is trading at record levels is a fact Slim Jim’s social team does not want its audience to forget.
Connolly said Slim Jim’s community “is built on memes,” which, as it happens, is dogecoin’s base, too. The dogecoin army relentlessly pumps its favorite crypto with memes on memes. Since March, some of those memes have come from Slim Jim.
Slim Jim’s Twitter account told CoinDesk the brand has built up a rapport with crypto fans to get to this point.
“The Twitter family around doge engaged with us early March,” Slim Jim told CoinDesk over DMs.
Connolly, the Conagra CEO, indicated the moon is not enough for Slim Jim; it will not let up until it reaches Mars.
“We’re excited about this, and you should be on the lookout for additional crypto-themed activations in the future,” he said.
UPDATE (April 15, 22:45 UTC): Adds that this story likely caused DOGE to hit another all-time high.