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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.