Dogecoin Sails Higher After These Comments from Mark Cuban and Elon Musk

Cryptocurrency has been heading higher in recent days and popular meme coin Dogecoin has also been on the rise.

Thanks in part to some comments made by billionaire investor Mark Cuban, the digital coin has been jumping into a rally.

The crypto, which features a meme of a shiba inu dog, soared as much as 10% on Monday to more than 35 cents, according to data from Coin Metrics.

It was this past Friday that Dallas Mavericks team owner Mark Cuban told CNBC Make It that he thinks dogecoin is the strongest cryptocurrency when it comes to making actual purchases.

Earlier this year his team became the first in the NBA to accept dogecoin for ticket and merchandise sales.

This past weekend Tesla and SpaceX CEO Elon Musk tweeted that he agreed with Cuban about the nature of dogecoin. Dogecoin’s breakout led to a market cap of nearly $44 billion. In the last seven days, the coin has rallied more than 40%.

It was in May that it reached an all-time high of about 73 cents per coin.

Crypto is known for being highly volatile and many financial experts advise people to only use a small part of their portfolio for it.

“Never invest anything you aren’t willing to lose,” said Ben Weiss, co-founder and CEO of CoinFlip. CoinFlip is one of the largest bitcoin ATM companies in the U.S.

“If you like dogecoin and think it could be a viable currency in the future, or are fans of the idea and the movement, go ahead and invest in it,” he said. “If you don’t like it or think it’s a fad, don’t invest in it.”

“If any part of your brain goes, ‘This is a great way to make a quick buck,’ that’s when you should think twice,” he said.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.