Dogecoin Price Analysis: Billionaire Mark Cuban Issues Meme Coin Warning – Should DOGE Holders Be Worried?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Dogecoin price has jumped by 5% in the past 24 hours, returning to $0.1087 as the cryptocurrency market repairs some of the damage from this week’s selloff.
Fears of wider conflict in the Middle East and the SEC’s appeal against Ripple had sent prices down earlier this week, but DOGE’s rally today has reduced some of the resulting losses.
The meme token is still down by 11.5% in the past seven days, but remains up by 12.5% in a month and by 78% in the past year.
This kind of longer term momentum is promising, yet Dogecoin holders may have seen a warning today from investor Mark Cuban, who has said in an interview that every meme token “is a rug pull in the works.”
Speaking on the Rug Radio podcast, Cuban explained his current view on meme tokens in terms of how “there’s no real reason for [a meme coin] to stick around other than the fun of it.”
In other words, once whales or a significant number of traders lose interest in a meme token, there’s nothing fundamental supporting its price, so it will inevitably decline.
Cuban’s statement is interesting insofar as the Shark Tank star has previously voiced support for Dogecoin, even describing it in 2021 as the ‘strongest’ cryptocurrency in the market as a medium of exchange.
Given the gap between this statement and his interview yesterday, it’s not clear whether Cuban still has a particularly favorable opinion of Dogecoin.
Either way, his remarks haven’t really impacted the Dogecoin price, which has indeed recovered after losses earlier this week.
Its indicators are showing more
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