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Dogecoin rose by 16% after the words of Elon Musk and Mark Cuban

Dogecoin, cryptocurrency, Dogecoin rose by 16% after the words of Elon Musk and Mark Cuban

Billionaires called DOGE "the strongest cryptocurrency"

Billionaire and owner of the Dallas Mavericks basketball team, Mark Cuban, spoke approvingly about the Dogecoin meme cryptocurrency, after which he was supported by the director of Tesla and SpaceX, Elon Musk. Against this background, the price of DOGE rose by 16% on August 16, it follows from the auction data.

The sharp growth of Dogecoin began around 16:00 on August 15. Then DOGE was trading at $0.291, showing an increase of 5.5% at that time. In six hours, the exchange rate rose to $0.343. After that, the rapid growth of Dogecoin slowed down, but during the day the price of the coin reached $0.349. Thus, during the day, DOGE grew by 18%.

At 16:00 on August 16, the cost of Dogecoin was $0.338, which is 16% of the price the day before.

The jump in the value of Dogecoin occurred after a series of statements by Mark Cuban and Elon Musk. First, the owner of the Dallas Mavericks on August 13 announced special discounts on the team's merch for those who will pay in this cryptocurrency. On the same day, in a conversation with CNBC, the billionaire praised the coin:

"This is a means that can be used to purchase goods and services. The Dogecoin community can be called the strongest when it comes to using the coin as a medium of exchange"

Under the tweet with this material, the main supporter of the meme-cryptocurrency, Musk, was also noted, who wrote: "I've been saying that for some time now."

On August 15, Cuban started talking about Dogecoin again. In a tweet, he explained why he considers the coin promising:

"A very important detail about DOGE, which is often overlooked, is that the imperfection and simplicity of the coin are its strengths. You can only use the coin for two things: spend or keep. This is simple enough to understand. And DOGE is cheap to buy, which allows anyone to join the community"

In March, the Dallas Mavericks club was the first in the NBA to accept Dogecoin for payment. Now you can buy tickets for matches, merch and food for cryptocurrency.

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