Mark Cuban and Elon Musk are prominent pumpers of Dogecoin. Images: Shutterstock
Create an account to save your articles.
In brief
Dogecoin’s surge comes as Dallas Mavericks owner Mark Cuban announces special pricing for Dogecoin payments in his stores, and later calling it the strongest currency.
Musk tweets in support of Cuban, and Cuban fights Bitcoin maxis over Dogecoin.
Another boost for Doge has been the sponsorship deal of a Premier League soccer team to wear Dogecoin sponsorship on shirt sleeves.
Dogecoin has jumped 12.5% since yesterday and 40.4% this week, currently trading for $0.33, according to data from CoinGecko.
The weekend surge comes as investor and Dallas Mavericks owner Mark Cuban praised the cryptocurrency, joined by none other than Tesla and SpaceX CEO Elon Musk who’s single-handedly the greatest influence on DOGE pumps.
It began when Cuban announced Friday that Mavericks merchandise bought using Dogecoin would enjoy “special pricing.” It’s unclear whether this special pricing means that Doge holders will enjoy discounts or other offers, however.
Later in an interview with CNBC, he said, “the community for doge is the strongest when it comes to using it as a medium of exchange.”
The comment made headlines, with CNBC tweeting, “Mark Cuban says dogecoin is the ‘strongest’ cryptocurrency as a medium of exchange.” The meme coin enjoyed a hefty 11% boost shortly after.
Tesla and SpaceX CEO Elon Musk continues to stir the pot. In reply to a tweet comparing Bitcoin to Dogecoin, he said that the meme coin will win against Bitcoin if major network changes are implemented.
Musk, who has jokingly declared himself the “Dogefather,” tweeted, “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
For those bad at math 👆, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fe...
“The point about DOGE that people miss is that DOGE's imperfections and simplicity are its greatest strengths. You can only use it to do 2 things: Spend It or HODL It. Both are easy to understand. And it's cheap to buy. Which makes it a community anyone can join and enjoy,” Cuban tweeted.
He also used the occasion to reveal his current Dogecoin holdings: A meager $494.
The Mavs have what we sold in merch. I personally own $494 worth of DOGE
Stake.com, a sports betting site whose logo will appear on shirt fronts, is expected to pay at least £700,000 ($970,500) for the deal in an unnamed cryptocurrency. To create some buzz about the partnership, Stake.com also plans to give away 10 million DOGE (worth $3.3 million), possibly to spend on their platform.
Acquisition vehicles have successfully driven demand for Bitcoin in recent years, but their aggressive accumulation strategies may be undermining the asset's long-term institutional appeal.
That's according to the latest analysis from Swiss digital asset bank Sygnum, published on Tuesday.
While these vehicles have supported market demand, Sygnum warned that Strategy’s goal of owning 5% of Bitcoin’s supply risks undermining its status as a safe haven and could render it unsuitable as a reserve as...
Bitcoin held above $110,000 on Tuesday, supported by sustained institutional buying and cautious investor positioning ahead of U.S. inflation data that could influence the Federal Reserve’s interest rate outlook for the remainder of this year.
The crypto was last trading at $109,900, after reaching a session high of $110,237. It is up 4.2% over the past week and has remained within reach of its May 22 peak of $111,814, CoinGecko data shows.
It comes as investors await May’s Consumer Price Index...
Meme coin traders are having a good start to their week, and for those who look to charts in search of clues as to where coins might be heading next, there’s at least three meme coins that might look tasty to traders looking to cook.
Meme coin trading, though, is risky business, and the sector is known for its wild volatility. Still, for the moment, meme coins are roaring back to life this week as Fartcoin surged 17.93% to $1.29, leading a broader rally that saw Dogwifhat climb 15.04% and Pepe g...