Home News Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements

Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements


Dogecoin (DOGE) may have put big corroborator Mark Cuban in hot water, as it falls to its lowest level versus Bitcoin (BTC) in over six months.

DOGE/BTC 1-week candle chart (Bittrex). Source: TradingView

“Now price it in bananas”

On October 14, data showed DOGE/BTC lagging at 412 satoshis (0.00000412 BTC). Down from April highs of 1,284 satoshis (0.00001284 BTC).

After months of public lobbying by both Cuban and others, including the world’s wealthiest businessman, Elon Musk, as Bitcoin outperforms altcoins in large numbers this month, the pain has been especially acute for Dogecoin investors.

Nothing, nevertheless, has been able to turn the meme-based cryptocurrency’s fortunes around, and now, angry critics are requiring a clarification.

This week, podcast presenter Preston Pysh said that Cuban’s promotion of Dogecoin on national television in the United States during its heyday was — to put it mildly — unwise.

In light of Cuban’s recent criticism of Bitcoin, fellow commentator Peter McCormack has joined demands for him to remark on the issue.

Users on Twitter also referenced Cuban’s comment that he would rather possess bananas than Bitcoin. Mocking Dogecoin’s falling purchasing power when compared to the fruit.

Cuban claimed to hold less than $500 worth of DOGE in August.

Has the DOGE had its day?

Meanwhile, Elon Musk has expanded his PR efforts to include Dogecoin spin-off coins. Which have also seen massive increases as a result of even the most benign statements.

Shiba Inu (SHIB), for example, has experienced significant selling from whales, or high-volume investors.

However, the Tesla CEO was not immune to Bitcoiners’ fury earlier this year. When his Dogecoin actions were slammed with accusations of investor manipulation.

Once Bitcoin reaches its cycle peak, which is presently set for the beginning of 2022, altcoins are expected to experience a rebirth.

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