Not Even Bitcoin, Ethereum, Cardano Comes Close to Dogecoin As An Exchange Medium

Mark Cuban is one of the few billionaires that, similar to Elon Musk, is bullish on Dogecoin. The billionaire entrepreneur who among other franchises owns the NBA professional basketball team, the Dallas Mavericks, in an interview with CNBC’s ‘Make It’ segment on Friday, has called DOGE the “strongest” contender among digital currencies for widespread use as a medium of exchange.

In March, the Dallas Mavericks, who have been accepting Bitcoin since 2019, also announced that they had begun accepting Dogecoin from their fans for purchases of tickets and merchandise online via Bitpay – a cryptocurrency payments service. The move was a huge success as the team reported they had received over 20,000 Doge in transactions shortly after the announcement according to Cuban, making them the largest Dogecoin merchant.

Cuban is strongly convinced that Dogecoin has the potential to find a use case as a widely used currency of exchange, although he is uncertain if enough people will see it that way. He however thinks that the fact that the meme coin has ‘deterministic inflation’, meaning the amount of inflation is defined and there is no uncertainty as to the amount created and its inflation percentage, could allow it to grow as a valid payment mechanism.

The billionaire also revealed in May that he owned 3250 Doge, which he bought jointly with his 11-year-old son, via a tweet. 

The publicity afforded Dogecoin by its strong supporters, in the persons of Elon Musk and Mark Cuban, has had a strong influence on Dogecoin’s growth in the cryptocurrency market. Recall that Elon Musk’s Twitter antics promoting Dogecoin earlier this year moved the market significantly.

DOGEUSD Chart by TradingView

DOGE got to pump from the backing of Elon Musk in a series of tweets that he posted over the year. His tweets not only made people aware of the cryptocurrency around the world but have also encouraged investors to buy more Dogecoins.

The climax was when the value of Dogecoin surged 20% after Musk revealed it would feature in his ‘Saturday Night Live’ hosting debut, calling himself the “Dogefather.” However, shortly after the show, there were massive sell-offs that saw the price of Doge nosedive along with the rest of the crypto-market. Musk has also hinted at accepting Doge at SpaceX. His last reference to Dogecoin on Twitter was in July, when he referred to  Dogecoin as money, and not just a way to make money.

Dogecoin has however not been left out in the crypto-market rally as the coin is currently trading at about $0.3, up 7.27% on the day, and 15.30% in the last 7 days. It is however a far cry from its all-time high of $0.73 which it reached on May 8. Despite the recent publicity and rally, the sentiment around Dogecoin is still mixed, as skeptics still think the coin, which was created as a joke, will not last in the market.