Dogecoin, the meme token that has made headlines with Elon Musk endorsement, has been struggling to regain any strength over Bitcoin in the last six months.
Mark Cuban might have led himself to criticism over his support for Dogecoin after the altcoin’s dive. Once trading at over 1,200 Satoshi tokens in April, Dogecoin is now sitting at just above 400 Satoshis. Bitcoin has gained strength and regained dominance in the cryptocurrency market and altcoins are feeling the result. Dogecoin especially has been a point of contention because of the mass public attention drawn to the meme token from celebrity proponents including Musk, Cuban and Snoop Dogg.
Is Dogecoin drowning after diving so hard?
After Dogecoin surged, Cuban took to national television on the Ellen Show to say that the cryptocurrency is well on its way to becoming a bona fide digital currency – attempting to convince Ellen DeGeneres to invest in the meme token. He continued to say that Dogecoin, which might not be the world’s best investment, offers new cryptocurrency users a great way to learn about the industry and the market.
Now, however, the billionaire entrepreneur has had to take a step back to say that his strong advocacy might have been misplaced. In a podcast with YouTuber Preston Pysh, Cuban was called to answer for his proponency. Despite his claims, Cuban publically admitted that he holds less than $500 worth of Doge; an admission that Twitter was not hesitant to address
Hahahahahahhahaha. There’s people that put a large percentage of their life savings into doge because of people like you and Elon and then you come out and say you owe 400 bucks worth lmao what a world
— Flavortown ∞/21M (@yaboyflavortown) August 16, 2021
A new Doge in town
While Doge has been struggling, the cryptocurrency community has taken to a meme on a meme: The Dogecoin spin-off Shiba Inu (SHIB) has seen significant investor attention. In just nine days, the altcoin surged enough to gain a top 20 spot in market volume. Shiba Inu did face a correction to drop, but the massive surge put the altcoin on the map; threatening Dogecoin’s ability to gain back strength.