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What’s the ‘attraction’ behind Dogecoin



Source: Unsplash

Dogecoin, jumped 16.5% since yesterday and 34% this week, currently trading for $0.34, according to data from CoinGecko.

Can it hit $1 soon?

Source: Coinstats

Despite the significant gains recently, Dogecoin’s price is still down (around 54%) from its all-time high of $0.72. Still, a long way to go. But consider this.

The weekend surge comes as investor and Dallas Mavericks owner Mark Cuban praised the cryptocurrency alongside Tesla and SpaceX CEO, Elon Musk. Further, the Shark Tank star is trending yet again on Twitter after his recent tweets that created a few mixed reactions within the community. To begin with, the billionaire praised the DOGE community stating,

“The DOGE community was strong long before I got involved with it. In fact, it was the community that was the attraction and let the Mavs accepting it for transactions.”

He further added,

“And between the Mavs and my personal account, its let than $15k in DOGE”

Now, as obvious, this accounts for just a tiny part of the billionaire’s massive net worth held in crypto, something that was pointed out by those responding to his tweets in the same feed. Apart from this, Cuban was even accused of an alleged pumping scheme as well. However, he denied the same.

Cuban and his NBA team (Dallas Mavericks) supported DOGE in the past as well. As per his recent comments, several customers used DOGE to make payments. “I don’t shill Doge. I shill the prods & services of my companies. Where we allow people to pay in ANY crypto, 95% of the sales are in DOGE. Customers CHOOSE to use DOGE. We can argue everything and anything re BTC, but right now DOGE is the people’s way to pay,” he said. According to him DOGE was “the strongest” crypto when it comes to payments.

With supporters such as Musk and Cuban backing the token, the token has greater chances of reaching new heights. What’s more, as per social media analytics platform, Lunarcrush, social engagement, bullish sentiment as well as market dominance among other metrics were all in the green for DOGE. At press time, the meme-coin took the 3rd spot out of a total of 2,848 tokens in the Altrank metrics on the same platform.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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