TL;DR Breakdown
- Elon Musk, Mark Cuban laud Dogecoin as strongest crypto for payments
- Kevin O’Leary, others disagree with Elon Musk over Dogecoin speculation
Popular meme coin has resurrected and started an upward climb after Tesla and SpaceX CEO Elon Musk and American billionaire entrepreneur Mark Cuban described the cryptocurrency as the strongest digital asset to be used for payment.
In an interview with CNBC, Mark Cuban had earlier argued that Dogecoin is the strongest crypto as a means of trade, and Elon Musk, via a tweet from his official Twitter handle, has backed those claims saying, “I’ve been saying this for a while.”
Both Americans who have previously declared their support for the meme-based token reiterated that Dogecoin is the best medium that can be used for the purchase of goods and services.
In a bid to chum up additional support for Dogecoin, Cuban’s NBA team, the Dallas Mavericks, have announced special offers for customers that make payments using Dogecoin. It is worth noting that the team already started accepting Dogecoin as a medium of payment in March this year.
Additionally, the Dallas Mavericks boss also went on the popular talk show ‘The Ellen Show’ hosted by Ellen Degeneres to canvass support for the token.
In a bid to show support for the meme-based token, Elon Musk also changed his Twitter account profile picture to showcase an image of the Shiba Inu dog that exemplifies Dogecoin. He also recently revealed that he and his son, X Æ A-12 own Dogecoin and will not be selling anytime soon.
Kevin O’Leary, others disagree with Elon Musk over Dogecoin speculation
Reacting to Elon Musk and Mark Cuban recent comments on Dogecoin, several experts, including Canadian businessman and Mark Cuban’s co-star on Shark Tank, Kevin O’Leary, has voiced disagreement with the billionaires’ statement.
Kevin O’Leary, among others, argued that the token was pure speculation and he would not invest in Dogecoin. He argued that its origin as a meme cryptocurrency that was started as a joke gives the token unfavorable prospects.
Others disagree with Cuban and Musk on the merit of Dogecoin, emphasizing that the meme crypto has an infinite supply. Some complained that Dogecoin’s price is heavily influenced by social media buzz and celebrity endorsements why has more negative effects than positive.
Additionally, a recent survey by Finder indicates that a panel of experts predicts that the price of Dogecoin will rally to $1.21 by 2025 and $3.60 by 2030.
