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


Dogecoin (DOGE) may have landed top proponent Mark Cuban in trouble as it hits its lowest level against Bitcoin (BTC) in over half a year.

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

“Now put a price on bananas”

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

As Bitcoin surpasses altcoins in droves this month, the pain has been especially intense for Dogecoin investors after months of public campaigning by both Cubans and others, including the world’s richest man, Elon Musk.

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

Cuba was on the line for punishment this week, with podcast host Preston Pysh suggesting that its reselling of dogecoin on US national television at highs had been – to say the least – a mistake.

Fellow expert Peter McCormack joined the calls for Cuban to comment on the situation in the context of the latter’s criticism of Bitcoin.

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

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

Has the DOGE had its day?

Musk, meanwhile, has gone on to incorporate Dogecoin-derived cryptocurrencies into his advertising efforts, which also make huge profits on even the most innocuous comments.

Related: Elon Musk’s Tesla Already Has $ 1 Billion In Profit From Holding Bitcoin

One such coin, Shiba Inu (SHIB), has seen substantial sales by high-volume investors known as whales.

However, the Tesla CEO did not escape the ire of Bitcoiners earlier this year, as his Dogecoin activities were met with claims of manipulation by investors.

As Cointelegraph reported, altcoins are tipped for a revival once Bitcoin hits its cycle peak, this is currently scheduled for early 2022.

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