After Dallas Mavericks owner Mark Cuban sparked a Dogecoin price boost, Elon Musk jumped in and fulfilled his Dogefather role as well with a tweet of support.
Cuban has been incessantly supporting Doge, even calling it as the "strongest" cryptocurrency for online exchange. Musk, who was a long time fan of the meme coin, backed up the sentiment.
Earlier reports noted how Cuban offered a special summer price for interested fans buying Mavs merchandise with Dogecoin. Products with the crypto coin payment option includes their game tickets, jersey, clothes and novelty collection items.
Mark Cuban Supports Dogecoin
CNBC got the opportunity to interview the entrepreneur on his support for Doge. Cuban emphasized that the meme coin is a unique case compared to other cryptocurrencies. He said: "[Dogecoin] it's a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange."
The billionaire's support helped the Dogecoin price double in value overnight. As of time of writing, the once called joke coin has a trade value of $0.33, per Coindesk.
Elon Musk Shows Support, Gives Dogecoin Price Boost
After CNBC published the interview with Cuban on Saturday, Elon Musk replied to it on Twitter and said: "I've been saying this for a while."
I’ve been saying this for a while
— Elon Musk (@elonmusk) August 14, 2021
The self-proclaimed Dogefather is a controversial figure in the crypto world, specifically because he's infamous for his huge influence on the price increase and decrease of various cryptocurrencies.
Early this year, Musk aggressively supported Dogecoin, which led to a community hype boosting the meme coin to $0.45 in trade value. However, when Musk suddenly stopped his tweets, the meme coin slipped back to less than $0.2 market rate.
The sudden spike and fall of Dogecoin showed two big issues for cryptocurrency. First, Dogecoin has the potential to outgrow any other crypto coin in value through its sheer growth rate. Second, Musk's tweets and community hype governed the meme coin's market value.
It is also worth noting that Musk sparked a steep decline on Bitcoin price when he announced that Tesla would no longer accept Bitcoin payments over environmental concerns.
Dogecoin Price Prediction
Despite the fact that two billionaire entrepreneurs have supported the meme coin, Dogecoin remains a risky financial investment. Analysts from the Market Insider emphasized that Dogecoin is a highly volatile and complicated market compared to other mainstream payment methods.
Also, note that Dogecoin is an "altcoin," which is priced based on social media buzz and hype instead of trade rating.
However, Dogecoin is also a fantastic crypto coin that has risen to over 8,000% gains since last year.
Investors are free to listen to the entrepreneurs' advice. However, they must be aware that values could quickly flip over at any time.
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