Recently, one of Dogecoin’s most famous backers, Mark Cuban, spoke negatively about the memecoin industry as a whole. He expressed concern, saying that most meme coins are likely to have the rug pulled out from under them and therefore pose a risk to investors.
On the other hand, Cuba’s support for Dogecoin is firm. According to him, Dogecoin occupies a niche and has its own loyal community supporting it, unlike other highly speculative meme coins out there. His critique includes further discussion about the sustainability of digital currencies in the community.
Apparently, many meme coins come and go, and their movements can be influenced by general internet trends. Dogecoin, on the other hand, has been on the market since its creation.
This was made possible by our community and continued media coverage. Cuban feels these factors help maintain stability in what he considers to be a volatile market.
Celebrities support Dogecoin
Additionally, Dogecoin has also received support from influencers such as Mark Cuban and Elon Musk. Cuban accepted Dogecoin to purchase items related to his NBA affiliate team, the Dallas Mavericks.
Notably, Tesla and SpaceX CEO Elon Musk has endorsed cryptocurrencies and engaged in conversations about Dogecoin on social media. Recently, Mr. Musk piqued the interest of the Dogecoin community and the general public with his posts.
An AI-generated photo of himself he shared on X a few months ago showed him wearing glasses and a DOGE badge, an abbreviation expanded to “Department of Government Efficiency.” He indicated his support for Trump’s re-election.
The post also notes Musk’s continued promotion of Dogecoin. This support continues to keep cryptocurrencies relevant and attractive. And it continues to stand out among other meme coins introduced to the market.
Mark Cuban’s political support and advocacy for regulatory change
In addition to operating in the cryptocurrency market, Mark Cuban has announced his intention to vote for Kamala Harris in the upcoming US presidential election. His support includes calls for changes at the top of the U.S. Securities and Exchange Commission (SEC).
Of course, Cuban has indicated he wants to see change and has said he is open to replacing Gary Gensler if Harris is elected president. In this sense, Cuban also opposes the current regulations, which he believes are not completely suitable for cryptocurrencies.
He also calls for policy reforms in line with the modern digital and economic transformation that is likely to occur under new leadership in tune with technology and market conditions.
DOGE price action
Dogecoin recently witnessed a sudden spike in network activity, with new active addresses reaching 84,306, the highest level since June. This increase coincides with a large whale accumulation as these investors purchased approximately $45 million worth of DOGE. Experts are currently discussing an upcoming bull run where the coin reaches the target price of $0.20
At the time of writing, Dogecoin (DOGE) price is $0.1047, representing a monthly increase of 7.42%. Although the recent trading volume has decreased by 13.94%, the market capitalization has remained stable, making Dogecoin the 8th largest cryptocurrency by market capitalization.
