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- Mark Cuban said that Dogecoin is the strongest when it comes to using it as a means of exchange.
- Elon Musk backed Cuban’s statement through a tweet on Saturday.
Elon Musk, a long-time Dogecoin supporter, has backed up billionaire entrepreneur Mark Cuban’s declaration that Dogecoin is the strongest cryptocurrency as a means of trade.
Last week, Cuban said to CNBC that Dogecoin is the strongest when it comes to using it as a means of exchange.
Elon Musk backed Mark Cuban on Dogecoin via Tweet
“I’ve been saying this for a while,” Tesla CEO Elon Musk tweeted on Saturday in reaction to CNBC’s piece regarding Cuban’s comments.
Both celebrities were drawn to Dogecoin because of its lighthearted attitude and robust community, and were instrumental in its 8,000 percent increase in the last year.
Crypto doubters, on the other hand, find it difficult to see what Musk and Cuban see in Dogecoin, which is highly volatile and more difficult to utilize for purchases than traditional payment systems.
Many investors are wary about “altcoins” like Dogecoin, whose value is affected mainly by social media hype and celebrity endorsements.
Dogecoin is the greatest cryptocurrency for use as a medium of trade
In March, “Shark Tank” star Cuban began accepting Dogecoin as payment for products for his Dallas Mavericks team, which he controls. He said on Thursday that during the summer sale, the basketball team will give special prices to clients who paid using Dogecoin.
Furthermore, Cuban said that Dogecoin is a medium that can be utilized to acquire products and services. When it comes to using doge as a medium of exchange, the community for it is the strongest.
Similar to Mark Cuban, Musk has long been a supporter of Dogecoin, a satirical cryptocurrency that began as a joke in 2013.
Musk said he was working with Dogecoin developers to improve the cryptocurrency network’s transaction efficiency after suspending Tesla’s acceptance of bitcoin in May, however no further details regarding his progress have been released.
Musk’s Saturday tweet attempted to reassure doge supporters that the Tesla CEO still supports the coin, which was trading at $0.3365 on Monday, up by 12.5 percent.
