Elon Musk Supports Mark Cuban Who Considers Dogecoin The Best Crypto

Dogecoin is considered the best cryptocurrency by Mark Cuban and Elon Musk. (photo: executium)

JAKARTA - Billionaire entrepreneur Mark Cuban's claim that Dogecoin is the strongest cryptocurrency as a medium of exchange has been backed by longtime fan of Doge, Elon Musk.

Cuban told CNBC last week that "the community for doge is the strongest when it comes to using it as a medium of exchange."

In response to a CNBC article about Cuba's claims, Tesla boss Elon Musk tweeted on Saturday: "I've been saying this for a while."

The two celebrity entrepreneurs were attracted to Dogecoin because of its lightweight nature and strong community and was important to its 8,000% rise over the past year.

However, cryptocurrency skeptics struggle to see what Musk and Cuban see in dogecoin, which is highly volatile and more complicated to use for purchases than mainstream payment methods.

Many investors are very skeptical about “altcoins” like Dogecoin, whose price is heavily influenced by social media buzz and celebrity endorsements.

"Shark Tank" star Cuban began accepting dogecoin as merchandise payments for the Dallas Mavericks - which he owns - in March. He announced on Thursday August 19, that the basketball team would be offering a special price for customers who chose to pay with Dogecoin in its summer sale.

"It's a medium that can be used for the acquisition of goods and services," Cuban told CNBC. "The community for doge is the strongest when it comes to using it as a medium of exchange."

Musk has long supported dogecoin - a cryptocurrency meme that started as a joke in 2013.

After halting Tesla's acceptance of bitcoin in May, Musk said he's working with developer Dogecoin to improve the transaction efficiency of the cryptocurrency network - although there have been no further details on its progress so far.

Musk's comments on Saturday seemed to reassure doge fans that Tesla bosses are still in favor of the coin, which was trading 6.4% higher on Sunday at $0.2968.