Mark Cuban, owner of the Dallas Mavericks and a wealthy entrepreneur, recently stated that Dogecoin is the best crypto asset to use as a medium of trade.
Cuban told CNBC last week that Dogecoin is a “medium that can be used to acquire goods and services.” When it comes to using doge as a means of exchange, the community for it is the strongest.” Meanwhile, Elon Musk backed up Cuban’s claim, saying, “I’ve been saying this for a while.”
Although the Dogecoin inventors designed the meme cryptocurrency as a joke and never intended for it to be taken seriously, Cuban claims that it has a distinct use case when compared to other crypto currencies.
Elon Musk and Mark Cuban were drawn to Dogecoin because of its strong community and lighthearted character, and both celebrity businessmen have been critical to its 8,000 percent increase in the last year.
Crypto consumers, on the other hand, fail to grasp the benefits that Cuban and Musk perceive in Dogecoin, which is more complicated and volatile to purchase than standard payment solutions.
Many cryptocurrency investors are sceptical about altcoins like Dogecoin, the price of which is primarily driven by celebrity endorsements and social media hype.
While Cuban agrees that Dogecoin is not the ideal investment, he believes that the meme-inspired cryptocurrency is the best digital currency to use as a medium of exchange.
As a lighter alternative to standard crypto assets such as Bitcoin, Dogecoin was created in 2013. Unlike Bitcoin, which is intended to be scarce, Dogecoin is intended to be numerous — 10,000 new coins are produced every minute, and there is no maximum supply.
Dogecoin, which was trading at around $0.03 per coin at the time, has increased in value by more than 1000 percent since the beginning of the year.
In late April, Cuban revealed that his Dallas Mavericks professional basketball team, based in Dallas, has begun taking Dogecoin as a payment mechanism for products and tickets, following the cryptocurrency’s upsurge in popularity.
During that time, Cuban stated, “We have chosen to do so because sometimes in business you have to do things that are fun, engaging, and hopefully generate a lot of PR.”
Despite claiming that Dogecoin had no fundamental worth, Cuban claimed in an interview with Forbes earlier this year that he had purchased some for his son.
Since the beginning of the year, the meme cryptocurrency’s value has increased by about 10,340 percent, thanks in part to endorsements from other billionaires, most notably Tesla and SpaceX CEO Elon Musk. They also claimed in February that he purchased Dogecoin for his young kid.
