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The memes-inspired cryptocurrency dogecoin surged Monday morning, hitting 35 cents. It is now trading at around 33 cents and has risen 10% in the past 24 hours, according to CoinMarketCap.
The boost came after billionaire investor Mark Cuban told CNBC Make It that “the doge’s community is strongest when it comes to using it as a medium of exchange.” On TwitterTesla and SpaceX CEO Elon Musk said he agreed.
“I’ve been saying this for a while”, Musk tweeted On Saturday.
In the past, Musk has made similar remarks about dogecoin as a medium of exchange.
In May, Musk tweeted that he worked with the developers of dogecoin to “improve the efficiency of the system’s transactions”. Musk also reportedly told a dogecoin developer that his goal was to make dogecoin easy enough to use for investors to use to pay for a cup of coffee.
“The point is, dogecoin was invented as a joke primarily to mock cryptocurrency,” Musk told TMZ in May. “Fate loves irony. What would be the most ironic result? Money that started out as a joke actually becomes real money.”
Musk consistently supports the dogecoin community. He tweeted countless dogecoin memes, which apparently impacted his price.
Musk and Cuba both own dogecoin, as well as bitcoin and ether.
However, financial experts are very skeptical of cryptocurrencies as a whole due to their speculative nature and warn that people should only invest what they can afford to lose. Some experts say they are particularly careful when investing in dogecoin in particular, as it lacks the scarcity and technological development of bitcoin, for example.
Although dogecoin was created as a joke and its creators never intended it to be taken seriously, Musk and Cuban see it as a useful digital currency.
“The point about the doge that people miss is that the doge’s imperfections and simplicity are his greatest strengths,” Cuban tweeted on Sunday. “You can only use it to do two things: spend it or the HODL. Both are easy to understand. And it’s cheap to buy. Which makes it a community that anyone can join and enjoy. “
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Disclosure: CNBC owns the exclusive rights to the off-grid cable of “Shark Tank”.
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