- Mark Cuban believes Dogecoin is fun, considers it a starter drug for beginners in crypto.
- A senior cryptocurrency research analyst at Messari argues Dogecoin’s social sentiment and daily transactions are similar to Cardano.
- Analysts note Dogecoin price remains at risk of decline, a breakout is possible only on a specific condition.
Mark Cuban, Dallas Mavericks boss recently commented on what happens to cryptocurrencies when speculators leave. Cuban addressed the state of Dogecoin, the starter drug for crypto. A senior research analyst at Messari identified similarities between Dogecoin and Cardano, sharing his findings.
Also read: Dogecoin and Shiba Inu bleed in Pre-FOMC crypto snoozefest
Dogecoin is the starter drug of crypto: Dallas Mavericks Boss
Billionaire entrepreneur and Dallas Mavericks boss Mark Cuban commented on Dogecoin. Cuban argued that Dogecoin is a tool of speculation and the state of the meme coin is what it would be like, when “all speculators leave.”
Cuban spoke about Dogecoin in a recent episode of the Full Send podcast, describing Dogecoin as the “starter drug for crypto.” Cuban chose this title for the meme coin as it is cheap, has a high utility, and can be used for making payments.
In 2021, Cuban accepted DOGE as a payment for tickets and merchandise, in addition to cryptocurrencies like Bitcoin and Ethereum,
Cuban was quoted on the podcast,
When people were buying and trading Dogecoin a lot, we were making thousands of dollars a week, ten thousand a week, here and there. So it was real money for us. But at the same time, once people stopped speculating on it, people lost kind of the vibe for it.
Cuban believes speculation was the leading factor for Dogecoin price decline.
Analyst believes Dogecoin is similar to Cardano
Tom Dunleavy, Senior Cryptocurrency Research Analyst at Messari identified similarities between Dogecoin and Cardano. Dunleavy notes that Dogecoin’s market capitalization exceeded $75 billion during the bull run. Dogecoin’s daily transactions and social sentiment are similar to Cardano.
Despite the meme coin’s market capitalization decline from $75 billion to $8.2 billion, Dunleavy argues that DOGE has bucked the trend of other networks. DOGE increased transaction volume and active addresses during the recent market downturn.
FXStreet analysts believe Dogecoin price is at a dangerous level and identified key price levels to watch for a shift in the meme coin’s trend. For more information, check the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Chainlink Price Prediction: LINK hints at a sweep-the-lows event targeting $5.70
-637336005550289133_XtraSmall.jpg)
Chainlink price has been producing higher lows since June. The Volume Profile Indicator shows bears have regained control of the higher time frames. Invalidation of the bearish thesis is a breach above $10, which could trigger an additional rally towards $12.
Bitcoin headed into recovery, rising above $20,000 as Whales begin reaccumulation
The crypto market has been in a suspended state for the last couple of months, and that effect does not seem to have gone away. Micro fluctuations do take place every now and then. However, on the macro time frame, crypto assets need a major boost.
Litecoin price could rally 20% in October, here's why
Litecoin price could take the cryptocurrency market by surprise as a bullish retaliation may unfold in the coming days. Litecoin, the digital silver akin to Bitcoin’s comparison to Gold, has been trading range bound throughout September near the mid $50 level.
European Parliament set to vote on MiCA text after EU Council's approval
The European Union has had its eyes on crypto regulation for a while now, and over the last couple of years, it has deepened its approach to the matter. One of the most crucial aspects of this regulation was the Markets in Crypto Assets framework.
Bitcoin: BTC’s Q3 close and what to expect in Q4?
Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022.