Mark Cuban calls DOGE the “strongest” cryptocurrency as a medium of exchange

As the price of Dogecoin (DOGE) continues to rise, leading supporters Mark Cuban and Elon Musk have expressed their support for the meme-inspired altcoin.

Billionaire and public figure DOGE was recently described to as the “strongest” cryptocurrency as a means of exchange by Cuban. The entrepreneur told CNBC Make It that the token offered advantages over existing cryptocurrencies. It can, for example, be used to purchase goods and services.

Tesla CEO Elon Musk responded when CNBC tweeted a link to the story on Twitter, confirming Cuban's statement about DOGE being "the strongest."

“This is something I've been saying for a long time.”

Cuban's most recent support for DOGE came when he announced that his NBA team, the Dallas Mavericks, will be holding a product sale soon. A sale with special DOGE pricing for those who paid with DOGE.

The billionaire's support for DOGE, however, has not gone unnoticed. Cuban has recently defended himself against charges that he is promoting memecoin on Twitter.

On the 15th of August, he responded to one of these allegations:

“I'm not a shill for Doge. I promote my companies' products and services. Where we allow individuals to pay in any cryptocurrency, DOGE accounts for 95% of all sales. DOGE is used by customers on their own volition. We may talk about BTC all we want, but DOGE is the people's way of paying right now.”

How is the assistance benefiting DOGE?

Throughout 2021, both Cuban and Musk gained recognition for their comments and social media activity, which drove up the price of DOGE. Musk's backing on Twitter was credited with a large part of the token's significant growth this year. DOGE hit an all-time high of $0.74 in May, just before Elon Musk appeared on Saturday Night Live. DOGE's price, on the other hand, took a sharp downward swing after the appearance, and it has yet to reclaim its previous position.

However, rumors suggest that Mark Cuban's recent support, as well as Musk's approval, has aided DOGE's recent ascent. This week, the altcoin reportedly increased by more over 10%, exceeding the $0.30 threshold for the first time since June. Data showed that DOGE was worth little under $0.30 at the time of publication. At the same time, it was the seventh most valuable cryptocurrency in terms of market capitalization.


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