According to Elon Musk, Mark Cuban is correct when he says that Dogecoin is a viable means of trade. For the most part, conventional investors believe that cryptocurrencies are inappropriate for making payments because of the extreme volatility.
Mark Cuban, entrepreneur and billionaire, believes that DOGE is the strongest cryptocurrency as a medium of trade, since Musk, who has long followed DOGE, has also said so. Cuban told CNBC on Thursday that the Doge community uses it as a means of trade more often than other cryptos.
I’ve been saying this for a while
— Elon Musk (@elonmusk) August 14, 2021
Musk’s Affinity for Dogecoin
It is in reaction to a story published by CNBC which reported on Cuban’s allegations, in which Tesla CEO Musk has said, “I’ve been saying this for a while.” While the two prominent billionaires have invested in Dogecoin because of its cheerful and supportive community, they have also played a critical role in the coin’s 8,000 percent increase over the past year.
While many crypto doubters struggle to understand what Musk and Cuban see in Dogecoin, which is more volatile and more difficult to utilize for regular transactions, these investors understand and are using cryptocurrency as a form of payment. Investors who doubt that “altcoins” such as Dogecoin (whose price is strongly affected by social media buzz and celebrity endorsements) are going to have a hard time selling their coins.
Dogecoin was created as a joke in 2013 as a meme money, and Elon Musk has long backed it. While earlier this year he announced he was halting Tesla’s acceptance of bitcoin, Musk revealed in May that he was working with Dogecoin developers to improve the cryptocurrency network’s transaction efficiency. Yet, to date, no additional information has been provided about the progress of these talks.
How Did Dogecoin Start?
To reassure Dogecoin (DOGE) supporters, who had risen by almost 6% on Sunday, on Saturday, Musk tweeted that he was behind the DOGE token, which was trading at $0.2968. In 2013, a few developers created Dogecoin as a joke. In March 2013, IBM’s Billy Markus and Adobe’s Jackson Palmer had never even met, yet they were successful in combining two phenomena that dominated that year: Bitcoin, and the meme that gained popularity on Reddit, “doge.”
To the two developers’ astonishment, the public began using Dogecoin immediately after it was launched. The website had over a million unique visits within the first month of operation.