Dogecoin was sent rallying on Monday morning, after Tesla CEO Elon Musk agreed with Mark Cuban that it’s the best cryptocurrency as a medium of exchange.
Last week, billionaire Mark Cuban told CNBC that “the community for doge is the strongest when it comes to using it as a medium of exchange,” to which Musk responded via twitter on Saturday saying that he agrees. This sent the price of Dogecoin to above 35 cents Monday morning, before declining by the end of the day.
Cuban, who owns the Dallas Mavericks, revealed back in March that the basketball team would begin accepting dogecoin as payment for various merchandise. Since then, the Shark Tank star announced that customers choosing to make purchases using the meme currency would even receive special pricing. “It’s a medium that can be used for the acquisition of goods and services,” Cuban explained to CNBC. “The community for doge is the strongest when it comes to using it as a medium of exchange.”
Musk has also been a long-time dogecoin supporter, occasionally publishing bullish tweets on the meme cryptocurrency, sending it skyrocketing. After announcing back in May that Tesla would halt accepting bitcoin as payment due to environmental concerns, Musk revealed that he has been working alongside dogecoin developers to enhance the cryptocurrency’s transaction efficiency.
Information for this briefing was found via CNBC and Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.