Recently, one of the most famous backers of Dogecoin, Mark Cuban, spoke negatively about the overall meme coin industry. He raised concerns, saying most meme coins are likely to be rug pulls, hence a risk for investors.
On the other hand, Cuban support for Dogecoin is steadfast. According to him, Dogecoin occupies its niche and has its own loyal community to support it, unlike some of the highly speculative meme coins out there. His critique comes with more discussions on the sustainability of digital currency in the community.
Visibly, many meme coins appear and disappear, their movements possibly impacted by popular internet trends. Whereas Dogecoin has existed on the market since its creation.
This has been made possible through its community and its sustained media coverage. Cuban feels that these factors help it to be stable in what he considers as an unstable market.
Dogecoin Supported by Prominent Figures
Moreover, Dogecoin has found support from influential people such as Mark Cuban and Elon Musk. Cuban has accepted Dogecoin for merchandise linked to the Dallas Mavericks, an NBA affiliated team he owns.
Notably, Tesla and SpaceX CEO Elon Musk supported the cryptocurrency and engaged in conversation about Dogecoin on social media. More recently, Musk intrigued the Dogecoin community and the public with a post.
An AI-generated picture of himself that he shared on X a few months ago, depicted him wearing glasses and sporting the badge D.O.G.E. The abbreviation was expanded to āDepartment of Government Efficiency,ā implying his support for Trump being re-elected.
Additionally, the post references Muskās continued promotion of Dogecoins. Such endorsements have continued to keep the cryptocurrency relevant and appealing. And it continues to stand out among other meme coins that have been launched in the market.
Mark Cubanās Political Endorsements and Advocacy for Regulatory Change
In addition to the operations in the cryptocurrency market, Mark Cuban has expressed his intention to vote for Kamala Harris in the forthcoming USA presidential polls. His support includes the desire for changes at the top of the United States Securities and Exchange Commission (SEC).
Of course, Cuban has indicated that he would like to see the change and is ready to replace Gary Gensler in case Harris wins the presidency. In this sense, Cuban also opposes the current regulations, which he believes are not perfectly suited for cryptocurrencies.
He also calls for policy reforms consistent with the contemporary digital and economic transformations which may happen under a new leadership in harmony with technology and market conditions.
DOGE Price Action
Dogecoin recently witnessed a sharp spike in network activity that reached 84,306 new active addresses, its highest level since June. This increase aligns with large whale accumulations as these investors bought about $45M worth of DOGE. Experts now discuss an upcoming rally with the coin reaching the target price of $0.20
At the time of writing, Dogecoin (DOGE) was priced at $0.1047, showing a monthly increase of 7.42%. Despite the recent decline in trading volume by 13.94%, the market cap remained steady, holding Dogecoin as the 8th-ranked cryptocurrency by market capitalization.
