Over the weekend, the price of Dogecoin hits 34cents as it began to rise. For the time being, the cryptocurrency that was created as a joke is becoming increasingly valuable.
Elon Musk, the vibrant CEO of Tesla, and Shark Tank’s Mark Cuban are both vocal supporters of Dogecoin (CRYPTO: DOGE).
The two have consistently thrown their support behind the meme currency, promoting it through tweets and statements. The recent spikes can be attributed to them.
Cuban made the statement in an interview with CNBC on Friday, adding that the Dallas Mavericks have seen significant sales since accepting dogecoin as payment for merchandise in March.
Cuban owns the Dallas Mavericks of the NBA. Musk agrees with Cuban that Dogecoin is the most powerful cryptocurrency as a medium of exchange.
“It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange,”Cuban told CNBC.
In a reply to a CNBC tweet of the article, Musk said he’s been making this point for quite some time.
“I’ve been saying this for a while.”
Elon Musk (@elonmusk) August 14, 2021
The altcoin had previously reached a high of 70 cents, surpassing its previous high of 43 cents in April. It has since dropped to around 55 cents, and more recently to even less than 15 cents last month.
Even if DogeCoin only briefly surpassed 70 cents, it represents a new milestone in DogeCoin’s miraculous 2021.
Back in January, when each token was worth around 1 cent, Doge devotees had dreams of the coin hitting 10 cents in value and it did.
At this moment the road to $1 before December as predicted by Forsige is on, and this according to the global news website will lead Dogecoin straight to $2 per coin in 2022.