Mark Cuban said on Saturday that Dogecoin, a memetic coin promoted by Elon Musk, was originally created as a joke and may "grow" in the future. It is an effective payment mechanism.
The owner of the Dallas Mavericks has been promoting cryptocurrencies, decentralized funds, and non-fungible tokens for the past few months, and even made its franchise the first company to accept payments through Dogecoin in March.
"The Mavericks decided to accept Dogecoin as a very important reason for paying for Mavericks tickets and merchandise, because we can! The Cubans said in March that we have done our best to do this. Dogecoin, today, tomorrow, and even forever.
Dogecoin critics have taken advantage of the fact that there is theoretically an unlimited supply, not a limited Bitcoin. Cuba resolved the issue on Saturday, believing that Dogecoin might be a viable cryptocurrency because the new Dogecoin is minted on a fixed schedule.
Cubin tweeted on Saturday: "The Doge has a certain inflation rate, which means that the inflation rate is certain."
The price of Dogecoin has risen by nearly 10,000% this year, from USD 0.005405 of Dogecoin on January 1 to USD 0.510966.
The main reason for the growth is that Tesla CEO Elon Musk said on Thursday that he is working with Dogecoin developers to “improve the efficiency of system transactions.
Musk announced this week that Tesla will no longer accept Bitcoin as a means of payment due to environmental reasons, thus sending an alarm to the Cryptocurrency room.
Musk wrote on Wednesday: "We are concerned about the increasing use of fossil fuels in mining and bitcoin transactions, especially coal. Coal emissions are the worst of all fuels." It has burgeoning future. But we are not doing this at the sake of environment.