Don’t look now, but CoinMarketCap is reporting that dogecoin is surging as of Monday morning. The meme-inspired cryptocurrency is trading 35 cents, which makes it up by 10% during the last 24 hours.
Shows of Support for Dogecoin
The boost comes after separate shows of support for dogecoin from billionaire investor Mark Cuban and Tesla CEO Elon Musk. Cuban earlier told CNBC that “the community for doge is the strongest when it comes to using it as a medium of exchange.”
Meanwhile, Elon Musk replied to a CNBC feed on Twitter that included Cuban’s remarks. “I’ve been saying this for a while,” Musk replied. Earlier last May, the Tesla CEO tweeted that he is working with Dogecoin developers to improve its system transaction efficiency. The ultimate goal is to make the particular cryptocurrency easy enough to use so that investors can use it to pay for a cup of coffee.
Fate Loves Irony
In an interview with TMZ, Musk acknowledged that while the origins are sketchy, the technology works. “The point is that dogecoin was invented as a joke as essentially to make fun of cryptocurrency.
Fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency,” he said last May.
Musk’s relationship with dogecoin is an open affair. In fact, the billionaire often tweets memes related to cryptocurrency. Many people observed that Musk’s tweets often impact the price of the crypto. Both Musk and Cuban own the meme crypto, as well as other cryptocurrencies such as bitcoin and ether.
Experts Remain Skeptical
However, financial experts remain highly skeptical of cryptocurrencies as a whole due to their speculative nature. They often issue warnings to people that they should only invest in cryptocurrency using money they can afford to lose.
Currencies such as dogecoin lack the scarcity and technical development that major crypto such as bitcoin already has.
Admittedly, the meme-inspired cryptocurrency started as a joke which its creators never intended to take seriously. However, Musk, Cuban, and other investors find it as a useful digital currency. “The point about doge that people miss is that doge’s imperfections and simplicity are its greatest strengths,” Cuban tweeted on Sunday.
He said investors can use crypto for two things: spend it or HODL (hold on to dear life). HODL is what crypto users refer to when encouraging others not to sell crypto when prices rise or drop dramatically. Cuban also said that as doge is cheap to buy, it makes its users a community where anyone can join and enjoy.
Earlier in April, Cuban made the distinction between various cryptocurrencies. In an interview with Ellen DeGeneres on her show, Cuban said that the meme coin is that one currency that people actually use for transactions. He also said that Ethereum is “a digital version of a currency,” while bitcoin is more of a “digital version of gold” than a currency.
Going back to dogecoin, he said that the weird part about this particular crypto is that “it went from being a cryptocurrency joke to now becoming something that’s becoming a digital currency.”
Watch the ThinkSmart Brother video reporting that Mark Cuban said “Dogecoin Is the strongest cryptocurrency”!
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