Elon Musk and Mark Cuban hike Dogecoin price

Rally for Dogecoin after Mark Cuban labelled it the "strongest" cryptocurrency for payments and Tesla CEO Elon Musk agreed with him

Meme-spawning cryptocurrency Dogecoin has been given another boost following an unexpected endorsement from billionaire investor Mark Cuban.

The one-time joke coin even touched 35 cents as it jumped by 10% at the celebrity nudge, which was also backed up by ever-present Doge evangelist Elon Musk.

The push came after Cuban claimed “the community for Doge is the strongest when it comes to using it as a medium of exchange”.

He tweeted:

Then, of course, Doge’s most famous wingman – Elon Musk – had to chip in.

Musk announced his love for Doge earlier this year by declaring he wanted to “improve Doge system transaction efficiency”, and allegedly told a Dogecoin developer that his goal was to make Dogecoin easy enough to allow investors to “use it to pay for a cup of coffee”.

“The point is that Dogecoin was invented as a joke as essentially to make fun of cryptocurrency,” he said.

“Fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency.”

Through his tweets, Musk keeps swelling the Dogecoin community even though crypto naysayers struggle to see what both Musk and Cuban see in the altcoin.

New Dogecoin investors increasing their stack

Entrepreneur and Shark Tank star Mark Cuban recently announced his basketball team Dallas Mavericks would accept Dogecoin as payment for merchandise.

“It’s a medium that can be used for the acquisition of goods and the community for Doge is the strongest when it comes to using it as a medium of exchange,” Cuban said.

After halting Tesla’s acceptance of Bitcoin in May, Musk announced he wanted to collaborate with Dogecoin developers in order to improve the cryptocurrency network’s transaction efficiency.

Still, the rise of Dogecoin doesn’t have to be all about Musk. The latest report from blockchain data firm Chainalysis showed that newer Dogecoin investors had increased their holdings.

The company’s chief economist, Philip Gradwell, said Dogecoin was currently being adopted by new investors at a level not seen since the late-2017 bull market.

He added that, in the period between July 2020 and August 2021, new Dogecoin holders increased their share of supply from 9% to 25%.

“Investors acquiring Doge in the last six months now hold 25% of the supply, while investors who have held for more than two years decreased their share of supply from 30% in July 2020 to 20% today,” he explained.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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