Mark Cuban, the proprietor of the Dallas Mavericks, has yet again expressed his preference for Dogecoin (DOGE) over the dominant virtual currency, Bitcoin (BTC).
Dogecoin: What Happened?
A person on Twitter said Dogecoin and its counterfeit coins are the “gateway drug” to Bitcoin, and Cuban concurred. A gateway drug is an initial drug that, over time, is supposed to lead to the consumption of more dangerous drugs.
Other Twitter users expressed their backing for either Dogecoin or Bitcoin in response to the tweet. One Dogecoin enthusiast claimed that without Dogecoin, he would not have been able to acquire the quantity of Bitcoin that he does now.
“Bitcoin was (and continues to be) unavoidable. But I admit that it accelerated the whole procedure and allowed retail newbies like me to double (or even triple) our money. Without Doge, I wouldn’t possess nearly as much # BTC as I do, “Mike Markle (@KindCryptoGuy) said.
Another Twitter user believes Dogecoin is a gateway drug to other meme digital currencies. At the same time, a Bitcoin supporter claims that the top virtual currency was what first brought him to the cryptocurrency community.
“You’re wrong, pal. “Doge” is a memecoin that leads to more memecoins. That’s actually what I believe, sir, “Chris Lee (@ChrisLee77777) stated.
Does it Matter?
Cuban is a huge supporter of Dogecoin, which rose to stardom last year thanks to Tesla Inc.’s encouragement.
In March of last year, the Dallas Mavericks were among the first organizations to accept Dogecoin for ticket sales and goods. On top of that, a wave of other businesses — such as AMC Entertainment Holdings, Inc. — followed suit.
Retail investors are also showing an interest in the meme cryptocurrency. Last Monday, Cuban reaffirmed his remarks that Dogecoin is better equipped for transactions than Bitcoin. They also claim that the top virtual currency can never be an inflation hedge.
Price Action
On Wednesday morning, Bitcoin (BTC-USD) plummeted to $41,282 (£30,280). It was up 0.6 percent to $42,018 at the time of writing. The world’s largest cryptocurrency has managed to stay over a critical milestone of $40,000. In contrast, it is still down nearly 30% from its all-time high of $69,000.
Unfortunately, it would not be an exaggeration to say that fear has captured the attention of investors,” said Kunal Sawhney, CEO of Kalkine Group. Further decreases cannot be ruled out, with BTC’s prices falling to as little as $39,000 if the pattern persists.
DOGE, the Dogecoin cryptocurrency, fell 2.2 percent to $0.17 in the 24 hours leading up to early Wednesday morning.
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