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

Dogecoin (DOGE), a major proponent of Mark Cuban, may be in serious trouble as it hits its lowest level against Bitcoin (BTC), in more than half a year.

1-Week Candle Chart DOGE/BTC (Bittrex). Source: TradingView

“Now, price it in bananas.”

Cointelegraph Markets Pro and TradingView data showed DOGE/BTC was trailing at 412 Satoshis (0.0000041212 BTC) Oct. 14, down from April’s highs of 1,284 Satoshis (0.00001284 BTC).

Bitcoin is outpacing altcoins in masse this month. This has been particularly painful for Dogecoin investors, who have endured months of public campaigning from both Cuban and others including Elon Musk, the world’s wealthiest man.

However, nothing has been able reverse the fortunes of the meme-based cryptocurrency. Now, frustrated commentators even demand an explanation.

This week, Cuban was the target of retribution. Podcast host Preston Pysh suggested that Cuban’s promotion of Dogecoin at the highests on U.S. television had been, to put it mildly — misguided.

Cuban Coin, measured as BTC…since I promoted it to the rest of the world on Ellen. @mcuban pic.twitter.com/8LQAECwsmk
Preston Pysh (@PrestonPysh), October 13, 2021

Peter McCormack, a fellow pundit, joined the calls for Cuban comment against the backdrop of Bitcoin criticism.

Twitter users also evoked Cuban’s claim that he would prefer bananas to BTC. This pokes fun at Dogecoin’s falling purchasing power when it comes to the fruit.

Cuban claimed that he had less than $500 worth of DOGE in August.

Is the DOGE dead?

Musk has since included Dogecoin spinoff cryptocurrencies in his public relations efforts. These likewise are seeing significant gains on the backs of even the most innocent comments.

Related: Elon Musk’s Tesla already makes $1 billion from Bitcoin holdings

One of these coins, Shiba Inu or SHIB (SHIB), saw substantial selling by large-volume whale investors.

However, the Tesla CEO was not spared by the fury of Bitcoiners in early this year when his Dogecoin activities were criticized as investor manipulation.

Cointelegraph reported that altcoins could be on the verge of a revival once Bitcoin reaches its cycle peak, which is currently scheduled for the beginning 2022.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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