Doge Breaches 30-Cent Mark After Elon Musk Agrees With Mark Cuban: It’s the ‘Strongest Medium of Exchange’ Among Cryptos
It’s no secret that Tesla, Inc. (NASDAQ: TSLA)’s flamboyant CEO Elon Musk and Shark Tank’s Mark Cuban are staunch backers of Dogecoin (CRYPTO: DOGE), a cryptocurrency that is themed on the Shiba Inu dog. The two have invariably thrown their weight behind the meme currency, promoting it through their tweets and statements.
What Happened: Musk seems to agree with Cuban’s view that the Dogecoin is the strongest cryptocurrency as a medium of exchange. Cuban made the statement in an interview to CNBC Friday, adding that since beginning to accept dogecoin as payment for merchandise in March, the Dallas Mavericks has seen substantial sales. The Mavericks are an NBA team owned by Cuban.
“It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange,” Cuban told CNBC. In a reply to a CNBC tweet of the article, Musk said he’s been making this point for quite some time.
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Why It’s Important: Dogecoin has shown muted reaction to the tweet. It rose 8.7% Friday before settling at 28.68 cents and has tacked on another 2.2% to 29.31 cents Saturday. The meme currency hit an all-time high of 73.76 cents on May 8, coinciding with Musk’s appearance on the “Saturday Night Live” show, but has retreated since then.
With the noise made by its backers, the meme currency has breached the 30-cent mark for the first time since June 18. It remains to be seen if the Doge has recaptured its mojo and is headed higher from here. At last check, Doge was up 6.26% at 30.15 cents.
Related Link: There’s Growing Buzz Around Dogecoin-Ethereum Collaboration: Here’s What The Progress Looks Like
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Mark Cuban says dogecoin is the ‘strongest’ cryptocurrency as a medium of exchange
Since starting to accept dogecoin as payment for merchandise in March, the Dallas Mavericks organization has seen substantial sales made with the meme-inspired cryptocurrency, according to team owner Mark Cuban. In an effort to continue this push, Cuban announced Thursday that the organization will offer “special pricing” for those paying with dogecoin during the Mavericks' summer sale.
Though dogecoin was created as a joke and its creators never intended for it to be taken seriously, Cuban says it has a unique use case over other cryptocurrencies.
“It’s a medium that can be used for the acquisition of goods and services,” Cuban tells CNBC Make It. “The community for doge is the strongest when it comes to using it as a medium of exchange.”
In April, Cuban tweeted that dogecoin is the “one coin” that people actually use for transactions, though he has previously said that ether is used as digital currency too.
“Ethereum is a digital version of a currency,” Cuban told Ellen DeGeneres in April. “And then you got dogecoin, which is just fun. But the weird part about it [is that] it went from being a cryptocurrency joke to now becoming something that’s becoming a digital currency.”
Cuban sees bitcoin, the largest cryptocurrency by market value, more as a “digital version of gold” than a currency, he told DeGeneres. That’s because bitcoiners typically hold their stake long-term and view it as an asset that will appreciate.
Elon Musk’s new Twitter profile picture ‘reflects’ Doge. Check here
Elon Musk, the self-proclaimed ‘Dogefather’ has changed his profile picture on Twitter to a headshot with Doge reflecting in his sunglasses. He is seen to be wearing mirrored, aviator-style glasses with a Shiba Inu dog reflected in them. The meme coin prices jumped as a result yesterday, however, failed to hold on to the gains today as Dogecoin was trading over 5% lower at $0.16, CoinDesk data showed.
Musk has been responsible for pumping doge prices on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed. The recent slide of cryptocurrencies including Dogecoin has been a concern for the investors. Despite the recent slide, the meme coin is up 3,459.9% year-to-date (YTD).
Musk’s Twitter display image change came a day after he tweeted that his own son was ‘holding his Doge like a champ. ‘‘Lil X is hodling his Doge like a champ. Literally never said the word “sell" even once!,’’ he tweeted as a reply to a user’s comment.
‘Dogecoin is a parody cryptocurrency created by software engineer Billy Markus and Jackson Palmer in 2013. Palmer jokingly coined the phrase “Dogecoin" to himself and took to his Twitter account to post the now-infamous line, “Investing in Dogecoin, pretty sure it’s the next big thing." It immediately sparked interest from the meme-fuelled crypto community.
Recently, Dogecoin co-creator Jackson Palmer has slammed the cryptocurrency industry, calling it ‘inherently right-wing’, ‘hyper-capitalistic’ technology.
In a series of tweet, Jackson Palmer wrote harsh words about cryptocurrency. The Dogecoin co-founder wrote, “After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity”.
I am often asked if I will “return to cryptocurrency or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here… — Jackson Palmer (@ummjackson) July 14, 2021
Palmer added that cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.
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