Mark Cuban says investing in Dogecoin is “fun” while DOGE price drops
- Mark Cuban does not expect another crypto winter, and the billionaire defended Dogecoin.
- Dogecoin posted a 6% drop over the past week; rival Shiba Inu had a massive rally driving SHIB to the top 12 cryptos.
- Dogecoin spin-offs have offered double-digit profits to holders over the past two weeks as DOGE hits a low.
Dogecoin-killer Shiba Inu had an explosive rally over the past two weeks while DOGE price dropped. Tech billionaire and DOGE proponent Elon Musk signaled a surprise Dogecoin update in a recent interview.
Dogecoin prepares to beat Bitcoin hands down with "super important" update
Mark Cuban, American billionaire entrepreneur and owner of professional basketball team Dallas Mavericks is a popular Dogecoin supporter. According to Cuban, Mavericks accept cryptocurrencies in exchange for their tickets, and 95% of their sales are in DOGE.
DOGE price has plunged nearly 6% over the past week, alongside SHIB's explosive rally to the top 12 cryptocurrencies by market capitalization. Crypto Twitter is critical of Cuban's support for DOGE and expects the memecoin's price to drop further.
In contrast, the billionaire recommends that users buy Dogecoin for "fun." Cuban shared his thoughts on Ethereum and stated that he wished he had bought Ethereum sooner; he believes it is the closest thing to "a true currency."
Memecoin traders have had a tough week as SHIB and other Dogecoin spin-offs posted double-digit gains. DOGE price dropped to $0.234, posting consistent losses throughout the week. Traders expect SHIB to flip Terra and compete with DOGE for market dominance.
Cryptocurrency trader and analyst @crypto_blkbeard tweeted:
$SHIB is coming for $DOGE pic.twitter.com/uP6Eua0E3y
— Blackbeard (@crypto_blkbeard) October 11, 2021
SHIB gained popularity as Dogecoin-killer, and its rising market capitalization has brought the two memecoins closer in ranking and popularity in the community.
FXStreet analysts have evaluated DOGE price to predict where the memecoin is headed next. The analysts expect a 70% rally in DOGE once it overcomes $0.25.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
