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Billionaire and public figure earlier this week, Mark Cuban referred to $DOGE as the “strongest” cryptocurrency as a medium of exchange. The entrepreneur told CNBC Make It that the token has advantages over existing cryptocurrencies. Specifically, it may be used to purchase products and services.
Mark Cuban Refers $DOGE As The “Strongest” Cryptocurrency As A Medium Of Exchange
Dogecoin ($DOGE) supporters Mark Cuban and Elon Musk have shown their support for the meme-inspired cryptocurrency as its price rises.
When CNBC tweeted a link to the report, repeating Cuban's comment about $DOGE being "the strongest," Tesla CEO Elon Musk responded:
I've been saying that for a long time.”
However, the billionaire's backing for $DOGE has not gone unnoticed. Even recently, Cuban defended himself on Twitter against charges of selling the meme coin.
“I don't shill for Doge. I promote my company's products and services. Where we enable customers to pay in ANY cryptocurrency, $DOGE accounts for 95% of sales.
Customers CHOOSE to work with $DOGE. We may fight about BTC all we want, but for the time being, $DOGE is the people's means to pay.”
How Is The Support Beneficial To Dogecoin?
Throughout 2021, both Cuban and Musk rose to prominence as a result of their remarks and social media activity, which drove up the price of $DOGE. Musk's Twitter support has been credited with most of the token's significant rise this year.
$DOGE hit an all-time high of $0.74 in May, just before Musk appeared on Saturday Night Live. However, following its introduction,
$DOGE's price experienced a sharp drop, and it has yet to reclaim its previous position.
However, sources indicate that Mark Cuban's most recent backing, as well as Musk's assent, have contributed to $DOGE's recent upward trend.
This week, the cryptocurrency allegedly increased by more than 10%, breaking beyond the $0.30 barrier for the first time since June. $DOGE was valued slightly shy of $0.30 at the time of publication.
At the same time, it was listed as the seventh most valuable cryptocurrency in terms of market capitalization.