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Mark Cuban, who called Dogecoin the "strongest trading medium," only holds $500? Faces backlash from various online communities.

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Mark Cuban, who called Dogecoin the "strongest trading medium," only holds $500? Faces backlash from various online communities.

NBA Dallas Mavericks owner Mark Cuban recently praised Dogecoin as the strongest medium of exchange on a show, even drawing commendation from Elon Musk. However, this led to a series of controversies when it was revealed that he only held about $500 worth of Dogecoin. Cuban faced criticism for his comments, and the debate over Dogecoin's strength compared to Bitcoin stirred up within the crypto community. Cuban had to clarify his position once again and explain the differences in the use cases of the two cryptocurrencies.

Dogecoin Emerges as a Strongest Medium of Exchange

The Dallas Mavericks accepted Dogecoin payments back in March this year, and recently announced that summer merchandise will be exclusively available for purchase with Dogecoin. This move has sparked speculation of hype in the market. When interviewed by CNBC, Mark Cuban stated:

"It's a medium that can be used for transactions for goods and services, and as a transaction medium, the Dogecoin community is the strongest."

This action has naturally boosted the sentiment within the Dogecoin community, with Tesla CEO Elon Musk also commenting on Twitter, saying: "I've been saying this for a while."

However, when Mark Cuban revealed that he only held about $494 worth of Dogecoin, it also drew criticism.

Community Skepticism

Twitter user @sourappL pointed out that Mark Cuban had previously provided significant liquidity in IRON Finance TITAN, yet only held $494 worth of Dogecoin, suggesting that it was merely a publicity stunt to gain followers.

Bitcoin supporter and Morgan Creek co-founder Jason A. Williams called out Cuban, stating that Cuban's experiences were reminiscent of outdated views from 2017, advising him to stop hyping Dogecoin, which lacks developers and a capped supply, and instead focus on accumulating Bitcoin for a more solid investment.

Mark Cuban, however, stood by his stance:

"I'm not hyping Dogecoin. With the Mavericks, we have accepted a variety of crypto for merchandise, and Dogecoin has been 95% of our payments, we can argue everything about Bitcoin, but Doge is the people's way to pay right now."

Mark Cuban: Fundamental Differences

Responding to numerous queries over the past few days, Mark Cuban expressed:

"Everyone misses the point. The imperfection and simplicity of Dogecoin are its greatest advantages. You can only HODL or spend it, both of which are easy to understand and cheap enough, making Dogecoin a community that anyone can participate in and enjoy."

As for the Bitcoin community, he emphasized that he actually prefers Bitcoin but believes that the notion that "Dogecoin has no place" is a mistaken perspective.