Elon Musk reveals which cryptocurrency is the 'strongest' as a medium of exchange

Tesla CEO Elon Musk recently revealed that dogecoin was the 'strongest' cryptocurrency to be used as a medium of exchange. Musk backed fellow billionaire entrepreneur Mark Cuban's claim about dogecoin on Saturday, August 14. Shark Tank's Mark Cuban, who is a staunch backer of dogecoin, said that it is the strongest cryptocurrency as a medium of exchange. Following Cuban’s statement, long-time doge fan Elon Musk came out in support of the same.

Cuban during an interview, told CNBC, that the dogecoin community is the strongest when it comes to using it as a medium of exchange. The billionaire further pushed the coin and lauded its positives. Cuban went on to claim that the Dallas Mavericks, an NBA team owned by the entrepreneur, saw substantial sales ever since it began accepting dogecoin as payment for merchandise in March. Responding to Cuban's claims, the Tesla boss took to his Twitter to write, "I've been saying this for a while." The tweet was a reassurance of Musk’s support for the coin.

Both the celebrity businessmen are known for openly supporting dogecoin for its light-hearted nature and strong community. Musk had earlier admitted that he was impressed with the coin’s 8,000% gain over the last year. However, the cryptocurrency community don’t share the same views and have often been sceptical of Musk and Cuban’s vision on dogecoin, which is highly volatile and more complicated to use compared to other cryptocurrencies.

Dogecoin price remains muted

The “altcoin” dogecoin showed a muted reaction to Elon Musk’s tweet. The crypto’s price rose 8.7% on Friday before settling at 28.68 cents and added another 2.2% to 29.31 cents Saturday. The meme currency had hit an all-time high of 73.76 cents on May 8, owing to Musk's appearance on the "Saturday Night Live" show, however, followed to fall since then. Earlier in July, Bitcoin prices saw a sudden surge owing to Elon Musk's announcement that his space exploration business, SpaceX, also owns the digital token and has no plans to sell it.

Dogecoin

Created in 2013, dogecoin came into existence as a joke centred around a meme featuring a Shiba Inu dog. Dogecoin, in comparison to Bitcoin, is different as the cryptocurrency has no limit to how many DOGE tokens can be mined, as per Coindesk. However, both, Bitcoin and Dogecoin, are based on blockchain technology, an ingenious peer-to-peer record-keeping system designed to be highly transparent and secure, and widely distributed.

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