Leading Dogecoin (DOGE) advocates Mark Cuban and Elon Musk have voiced their support for the meme-inspired altcoin as its price continues to climb.
Billionaire and media personality Cuban referred to DOGE as the “strongest” cryptocurrency as a medium of exchange earlier this week. Speaking with CNBC Make It, the entrepreneur said the token had unique uses over other cryptocurrencies. Namely, that it can be used for the acquisition of goods and services.
When CNBC shared a link to the story via Twitter, reiterating Cuban’s quote about DOGE as “the strongest”, Tesla CEO Elon Musk replied:
“I’ve been saying this for a while.”
Cuban’s most recent advocacy for DOGE followed his revelation that his basketball team, the Dallas Mavericks, would soon run a merchandise sale. A sale that would include special pricing for those who paid in DOGE.
However, the billionaire’s support for DOGE has not been without its critics. Even most recently, Cuban has defended himself against accusations of shilling the memecoin on Twitter.
On August 15, he responded to one such accusation:
“I don’t shill Doge. I shill the prods [sic] & services of my companies. Where we allow people to pay in ANY crypto, 95% of the sales are in DOGE. Customers CHOOSE to use DOGE. We can argue everything and anything re BTC, but right now DOGE is the people’s way to pay.”
How is the support helping DOGE?
Both Cuban and Musk gained notoriety across 2021 for their comments and social media activities driving up DOGE’s price. A lot of the token’s considerable growth this year was attributed to Musk’s support on Twitter. DOGE achieved its all-time high of $0.74 in May, leading up to the Tesla CEO’s appearance on Saturday Night Live. Following the appearance, however, DOGE’s price took a sudden downward turn, after which it failed to regain its position.
However, reports have indicated that Mark Cuban’s most recent support, and Musk’s agreement thereto, have contributed towards DOGE’s most recent upward climb. The altcoin reportedly grew by more than 10% this week, surpassing the $0.30 mark for the first time since June. At time of press, data indicated that DOGE was worth just shy of $0.30. It ranked as the 7th most valuable cryptocurrency by market capitalization at the same time.