40 percent up – Musk and Cuban boost Dogecoin

The cryptocurrency market is again in a bull market. Dogecoin is getting a tailwind from two billionaires and is seeing double-digit growth.

The meme coin, invented as a parody of Bitcoin, has seen impressive price development over the past few weeks. Over the course of seven days, the coin was able to record a total of 41.6 percent price gains, making it one of the top performers among the cryptocurrencies. In the last 24 hours alone, the Dogecoin price rose 16.7 percent. When Elon Musk ennobled himself as a Dogecoin godfather in May and fueled the Dogecoin hype in a series of tweets, the price of the DOGE crypto currency really went through the roof. When Bitcoin tumbled and crashed in May, the Doge rally was over for the time being. There was a sudden crash, with a price loss of almost 70 percent at times.

Price development of Dogecoin (DOGE), source: CoinGecko

Anyone who believed at the time that the fun currency was the end was wrong. Because with the recent rally on the crypto currency market, Dogecoin was able to make up for a few of the losses from the last May crash and is in seventh place among the crypto currencies with a market capitalization of 44 billion US dollars. At today’s price of $ 0.3383, Dogecoin is still more than 100 percent away from its all-time high of $ 0.7316. But if the current altcoin bull market continues, nothing will stand in the way of a new ATH. Especially since the coin is again receiving fresh tailwind from two of its billionaire supporters: Elon Musk and the Dallas Mavericks owner Mark Cuban. Both have chosen the meme coin as their favorite crypto project.

The recent price explosion in Dogecoin coincides with the publication of an article published by news magazine CNBC on August 13, 2021. This is about Mark Cuban, who told CNBC that Dogecoin is the best medium of exchange of all crypto currencies. The following day, Dogecoin godfather Elon Musk Cuban also agreed by simply tweeting underneath: “I’ve been saying that for a while”, thus fueling the Dogecoin rally.

95 percent of the crypto payments at Cuban’s companies are made with Dogecoin

In one of his tweets, Cuban states that he allows customers to pay in any cryptocurrency on his company’s websites. But despite the wide range of supported cryptocurrencies, the majority of customers would choose Dogecoin as a means of payment. This is how 95 percent of crypto payments are processed in Doge, claims Cuban.

He also likes to tweet about Doge and the crypto world in general. In addition, the Dallas Mavericks merchandise stores are buzzing. Cuban announced on August 13th that it would offer special offers for customers who would like to use Doge as a means of payment.

I’m not promoting DOGE. I advertise my company’s products and services. There we allow people to pay in ANY cryptocurrency, but 95 percent of sales are made in DOGE. Customers CHOOSE Dogecoin themselves as a means of payment. We can argue about anything related to BTC, but right now DOGE is the way people pay. #DOG FACTS

So the multi-billionaire on August 15, 2021 on Twitter.

Cuban sees Bitcoin as digital gold

Mark Cuban is a little more critical of the key currency Bitcoin. Among other things, he complains that the Bitcoin stocks are concentrated on only a few owners. This would give them too much power and could play a role similar to that of central banks. The whales could also control how, where and how many Bitcoin are available on the crypto exchanges. These few large Bitcoin owners could thus decide for themselves about inflation or deflation. Ultimately, Mark Cuban compares Bitcoin to digital gold rather than real currency.

Cuban’s criticism of the distribution of BTC stocks is certainly permissible, but the entrepreneur seems to disregard the same allegations with Dogecoin. Because here too the distribution is highly centralized. For example, almost 20 wallets hold more than half of all DOGE stocks.

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