Doge Breaches 30-Cent Mark After Elon Musk Agrees With Mark Cuban: It's the 'Strongest Medium of Exchange' Among Cryptos

It's no secret that Tesla, Inc. TSLA's flamboyant CEO Elon Musk and Shark Tank's Mark Cuban are staunch backers of Dogecoin DOGE/USD, a cryptocurrency that is themed on the Shiba Inu dog. The two have invariably thrown their weight behind the meme currency, promoting it through their tweets and statements.

What Happened: Musk seems to agree with Cuban's view that the Dogecoin is the strongest cryptocurrency as a medium of exchange. Cuban made the statement in an interview to CNBC Friday, adding that since beginning to accept dogecoin as payment for merchandise in March, the Dallas Mavericks has seen substantial sales. The Mavericks are an NBA team owned by Cuban.

"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

Why It's Important: Dogecoin has shown muted reaction to the tweet. It rose 8.7% Friday before settling at 28.68 cents and has tacked on another 2.2% to 29.31 cents Saturday. The meme currency hit an all-time high of 73.76 cents on May 8, coinciding with Musk's appearance on the "Saturday Night Live" show, but has retreated since then.

With the noise made by its backers, the meme currency has breached the 30-cent mark for the first time since June 18. It remains to be seen if the Doge has recaptured its mojo and is headed higher from here. At last check, Doge was up 6.26% at 30.15 cents.

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