Dogecoin Loses 70% Against Bitcoin For 6 Months Of DOGE Celebrity Approvals

0
45

Dogecoin (DOGE) may have put main promoter Mark Cuban in hot water as it hits its lowest level against Bitcoin (BTC) in more than six months.

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

“Now evaluate it in bananas”

Data from UKTN Markets Pro and TradingView showed DOGE / BTC trailed at 412 satoshis (0.00000412 BTC) on October 14 – down from highs of 1,284 satoshis (0.00001284 BTC) in April.

As Bitcoin massively overtakes altcoins this month, the pain has been particularly intense for Dogecoin investors after months of public campaigning by both Cuba and others, including the richest man in the world, Elon Musk.

See also  Indian challenger TikTok raises $ 19 million to launch social token on Solana

However, nothing has been able to reverse the fortunes of the memes-based cryptocurrency, and now frustrated commentators are even asking for an explanation.

Cuban was awaiting retaliation this week, with podcast host Preston Pysh suggesting his Dogecoin boasting on US national television at the Highs had been – to say the least – misguided.

His colleague Peter McCormack has joined calls for Cubans to comment on the situation in the context of the latter’s criticism of Bitcoin.

See also  MakerDAO Founder's Plans to Fight Climate Change and Return to ETH

Twitter users further discussed Cuban’s claim that he would rather own bananas than BTC, poking fun at Dogecoin’s declining purchasing power when measured in the fruit.

In August, Cuban declared that he owned less than $ 500 in DOGE.

Has the DOGE had its day?

Musk, meanwhile, incorporated Dogecoin-derived cryptocurrencies into his advertising efforts, which also saw huge gains thanks to the more innocuous comments.

See also  Bitcoin beats stocks, top performing commodities of 2021

Related: Elon Musk’s Tesla Already Making A Billion Dollar Profit From Owning Bitcoin

One such coin, Shiba Inu (SHIB), has since been sold substantially by high volume investors known as Whales.

However, the Tesla CEO did not escape Bitcoiners’ wrath earlier this year, with his Dogecoin business running up against allegations of investor manipulation.

As UKTN reported, altcoins are set to experience a renaissance once Bitcoin hits its cycle peak, currently slated for early 2022.