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It’s no secret that Tesla, Inc. (NASDAQ: TSLA), flamboyant CEO Elon Musk and Shark Tank’s Mark Cuban are strong supporters of Dogecoin (CRYPTO: DOGE), a Shiba Inu dog-themed cryptocurrency. The two have invariably put their weight behind meme currency, promoting it through their tweets and statements.
What happened: Musk seems to agree with Cuba’s view that Dogecoin is the most powerful cryptocurrency as a medium of exchange. Cuban made the statement in an interview with CNBC on Friday, adding that since they started accepting dogecoin as payment for goods in March, the Dallas Mavericks have seen substantial sales. The Mavericks are an NBA team owned by Cuba.
“It is a medium that can be used for the acquisition of goods and services. The Doge community is the strongest when it comes to using it as a medium of exchange,” Cuban told CNBC. In a response to a CNBC tweet from the article, Musk said he has been making this point for some time.
Why this is important: Dogecoin showed a muted reaction to the tweet. It rose 8.7% on Friday before settling at 28.68 cents and rose another 2.2% to 29.31 cents on Saturday. The currency itself hit an all-time high of 73.76 cents on May 8, coinciding with Musk’s appearance on the “Saturday Night Live” show, but has fallen since then.
With the noise made by its backers, the currency itself crossed the 30 cent mark for the first time since June 18. It remains to be seen if the Doge has regained his mojo and heads higher from here. At the last check, Doge was up 6.26% to 30.15 cents.
Related Link: There’s a Growing Buzz Around Dogecoin-Ethereum Collaboration: Here’s What The Progress Looks Like
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