Dallas Mavericks owner Mark Cuban said on Wednesday that Doge coin's DOGE USD inflation does not diminish it, but rather establishes its utility as a digital currency.
What Happened: Cuban was responding to a tweet from CoinDesk that pointed out that he did not mention the risks associated with DOGE such as its infinite supply during his appearance on The Ellen Show. How do I buy doge coin DOGE Any asset that has inflation by definition is 'infinite' but that doesn't diminish it. The Shark Tank fame investor pointed out the increasing supply of DOGE and said it changed the utility from store of value to potentially a digital currency. It is the fact that they create 5 billion a year that keeps the per coin price low, making it more accessible. There is a greater likelihood that people will use DOGE for making purchases than with other cryptocurrencies likeBTCUSD, andEthereum ETHUSD, which have steep valuations.
BTC traded 0.66% higher at $54,197. At press time, 89 % were higher at $2,581, while ETH traded 2.24% higher at 89. DOGE traded 4.17% lower at $0.26.
Billy Markus, co-creator of Doge coin, said last week that BTC and ETH were inflationary. He had said earlier that buying and selling was what mattered. As per Markus, the price of DOGE was ascribed to it by people.
See Also: Doge coin co-creator Says MemeCryptocurrency Has Been 'One Of The Most Secure Coins' For Years
In February, Tesla CEO Elon Musk said that DOGE was inflationary but not meaningfully so, giving it an advantage over BTC.
Musk had called for the transaction speed of DOGE to be a few orders of magnitude faster. Is Ellen Too Late On The NFT Scene? Despite Doge coin Appearance On Show, 'Woman With Stick Cat' Underwhelms Despite Doge Coin Appearance On Show