Amidst an ongoing Bitcoin rally which has seen the market once again on an ongoing rise, billionaire entrepreneur and Dallas Maverick owner, Mark Cuban is showing significant support for the long-running meme coin, Dogecoin. According to the 63-year-old, Dogecoin is the best medium of exchange in the cryptocurrency sphere with him stating that it has the strongest community when using it as a medium of exchange while speaking to news platform CNBC.
This is not the first time the billionaire has shown such strong support for Dogecoin with him stating earlier in the year that his basketball team the Dallas Mavericks would accept payment for merchandise in Dogecoin and going as far as even offering incentives for those looking to pay with the coin in its summer sale.
Cuban in spite of his seemingly strong support for the coin does not own a lot of it with him and his son owning just $1,700 worth of the coin, far less than most would expect a billionaire of his stature to own.
Elon Musk Backs Mark Cuban’s Claim
For anyone who has had an eye on the cryptocurrency space over the past year, it would not be far fetched to say that the rally that saw Dogecoin rise by over 8000% over the past year was fueled in no small part by the support of tech magnate, Elon Musk. The eccentric billionaire consistently shows support for the coin, taking it from meme-coin to a recognised form of payment.
His tweets are widely watched as even his most innocuous statements can cause massive price swings with the volatile coin. It isn’t much of a surprise then that he has in turn shown support for Mark Cuban’s claim that Dogecoin is the best form of payment in a response to the CNBC headline stating that “I’ve been saying this for a while”.
Musk who during the initial cryptocurrency rally was a strong supporter of Bitcoin as well as Dogecoin eventually had a sudden change in his view about the number one cryptocurrency in the world and market maker stating in a series of tweets that he was skeptical of widespread adoption of Bitcoin as a medium of payment due to its effects on the environment.
This news along with his company Tesla, stopping its acceptance of Bitcoin as a payment option a few months ago, led to a significant price drop in Bitcoin. However, he has maintained his support for Dogecoin unequivocally, further going forward to say that he is currently working with its creators to better improve the coin and truly take the coin from the “joke” it began as to a trusted form of payment. Musk’s support of Cuban’s statements yet again saw Dogecoin spike 6.4%, an indicator that people are still paying attention to his comments on the cryptocurrency sphere.
However, despite and maybe even because of the strong support of such famous backers, investors and crypto professionals remain wary of investing in the Shiba Inu inspired coin, as it is prone to massive swings depending on statements made by its primary backers. Unlike a lot of other coins it wasn’t created with a proper use-case outside of the joke it was meant for and this hardly inspires confidence in long term investment as a bad tweet could see some lose millions of dollars.