Billionaire investor and proprietor of the Dallas Mavericks Mark Cuban advised CNBC final week that Dogecoin has a stable use case as a fee methodology. And that the DOGE group is the “strongest” in relation to Dogecoin as a way of trade.
“It’s a medium that can be utilized for the acquisition of products and companies.
The group for doge is the strongest in relation to utilizing it as a medium of trade.”
What’s extra, “crypto villan” and self-appointed “Dogefather” Elon Musk chimed in to echo Cuban’s stance on the matter.
I’ve been saying this for some time
— Elon Musk (@elonmusk) August 14, 2021
Nevertheless, an goal examination of the qualities of “sturdy” fee cash, corresponding to throughput and low transaction prices, reveals higher choices do exist.
Dogecoin Use Instances
The transfer was considerably groundbreaking in that it offered a rebuttal to the naysayers who have been eager to level out Dogecoin’s lack of use instances.
On that, Cuban mentioned the choice to do that was based mostly on nothing aside from the truth that they will. He added that the advantages of the transfer would hopefully result in optimistic PR.
“As a result of we will, we have now chosen to take action. We’ve chosen to take action as a result of generally in enterprise you need to do issues which are enjoyable, participating and hopefully generate quite a lot of PR. So we are going to take Dogecoin, as we speak, tomorrow and presumably perpetually extra.”
5 weeks later, Cuban tweeted that it was an impressive success, with greater than $122k of merch paid for with DOGE. He additionally mentioned he intends to maintain each DOGE earned.
FYI, the Mavs gross sales in @dogecoin have elevated 550pct over the previous month. We’ve now offered greater than 122k Doge in merchandise ! 🚀🚀🚀 We are going to by no means promote 1 single Doge ever. So preserve shopping for @dallasmavsshop https://t.co/li32cdtcED
— Mark Cuban (@mcuban) April 14, 2021
Since then, each Cuban and Musk have continued to reiterate their assist for Dogecoin.
Final week, Cuban tweeted a suggestion of “particular pricing” for merch consumers paying with DOGE. Whereas Musk’s SpaceX not too long ago introduced plans to pay for adverts, beamed into the sky by satellite tv for pc, utilizing cryptocurrencies together with Dogecoin.
Higher Cost Cryptos Exist
As a lot as Cuban and Musk push the fee narrative for DOGE, different cryptocurrencies are cheaper to make use of and have larger throughputs.
Information from bitinfocharts.com reveals the common Dogecoin transaction charge is available in at $0.772. Whereas for Litecoin it’s simply $0.015, whereas XRP is fractions of a penny.
Equally, transactions per second for Dogecoin is rated at 33, whereas Litecoin is 56, and XRP is 1,500.
Dogecoin advocates, Cuban included, would argue that DOGE for funds is about extra than simply the uncooked numbers. As a substitute, as Cuban mentioned, it’s additionally concerning the group response.
DOGE Pushes Larger
Dogecoin faired badly throughout the current market dip. From peak to trough, DOGE suffered a 58% fall in worth, bottoming at $0.16 in mid-June.
Since then, it has examined this assist stage on two additional events. However an absence of momentum and urgency led some to imagine it was throughout for DOGE.
Nonetheless, early August noticed a fightback resulting in a decisive transfer above the 50-day transferring common. DOGE has gone on to construct on this momentum resulting in a 27% acquire for the reason that breakout.
Supply: DOGEUSDT on TradingView.com
With this reversal in fortunes, DOGE hodlers have renewed optimism in hitting the $1 worth goal.