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Dogemania: Billionaire Mark Cuban Gives Further Push to Dogecoin Adoption

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The Dallas Mavericks owner is incentivizing the team’s fan base to use Dogecoin as a means of payment

The Dallas Mavericks, the professional basketball team owned by billionaire Mark Cuban, is giving away e-gift cards to cryptocurrency fans as part of its newly launched “Cryptomania” campaign.  

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Anyone who buys at least $150 worth of the Mavs’ merch in a single transaction with one of the supported cryptocurrencies will be able to get $25 in return.

The campaign is expected to last until the end of this year.

In early March, the Mavs became the first NBA team to embrace Dogecoin as a payment method, making it possible to buy tickets and merch with the high-flying joke cryptocurrency.

This came two years after the team started accepting Bitcoin with little success. In April 2020, Cuban revealed that the Mavs only managed to accrue $130 in the world’s largest cryptocurrency, which he believed underscored its mainstream adoption problem:

Now we’re taking Bitcoin—please, go buy everything in Bitcoin. I’m fine with that, right? I think we’ve brought in $130. That’s all the Bitcoin I own right now.

Amid the crypto market boom in early 2021, Cuban dramatically changed his stance on Bitcoin and the cryptocurrency industry as a whole. The former skeptic, who once said that he would rather own bananas than the flagship crypto, predicted that Bitcoin would surpass gold in early April:

Younger generations are going to trust Bitcoin because gold has no utility in and of itself. What is gold good for? It’s good for nothing.

Dogecoin is the strongest crypto

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As reported by U.Today, the Dallas Mavericks owner said that Dogecoin was the strongest cryptocurrency because of its community, a statement that resonated with no other than Tesla CEO Elon Musk.   

Earlier this month, the Mavs also announced that those who pay with Doge would get special discounts in an attempt to further push the meme coin’s mainstream adoption.

However, Cuban is apparently not putting his money where his mouth is. In mid-August, he faced a backlash from the community after tweeting that his personal cryptocurrency holdings were less than $494, which is obviously just pocket change for the billionaire.

In June, Cuban also appeared in hot water after the DeFi token he promoted ended up crashing to zero.

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Dogecoin network update to boost mainstream adoption, trigger next DOGE rally

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  • Dogecoin can now be spent at 1,704 merchants, nearly three times last year.
  • Co-founder Billy Markus argues that if all major miners and node operators update to version 1.14.4, fees can be lowered by default.
  • Dogecoin ranks in top 10 cryptocurrencies mentioned the most on Twitter, social dominance of the memecoin increases.

The Shiba-Inu-themed cryptocurrency’s utility is rising with news of AMC’s adoption of DOGE as a payment method. Traders are now anticipating a reduction in transaction fees and a recovery in DOGE. 

Dogecoin update to reduce fees, likely to trigger breakout in DOGE

The Dogecoin core has been regularly updated over the past month. In August, a new version of Dogecoin Core, v1.14.4 was released to improve performance and lower recommended fees. 

The recommended update is not installed by all node operators. Its installation would enable future fee reductions in the DOGE network. Billy Markus, co-founder of Dogecoin tweeted about this recently, 

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Once all major miners update to the latest version, transaction fee is expected to reduce 1000x for relay and 100x for mining. This is the first step towards lowering the recommended fee for DOGE, another network adaptation is expected to follow. 

With regular updates in its ecosystem, the altcoin’s utility is on the rise. Nearly 600 merchants accepted DOGE payments in January 2020, the number has climbed to 1704 since then. 

The altcoin’s rising acceptance becomes further evident from its rising social dominance. Over the past week, DOGE ranked in “top 10 most mentioned cryptocurrencies” on Twitter. A rise in social media mentions is followed by a rally in the altcoin. Analysts expect DOGE to recover, the altcoin is struggling after price was rejected at key resistance level. 

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@venturefounder, a cryptocurrency analyst and trader, is of the opinion that even the most resilient memecoin, DOGE, is losing its dominance. The analyst predicts that there is a wait ahead of the next “perfect storm,” meaning a surge in Shiba-Inu-themed cryptocurrency’s price.

FXStreet analysts have predicted a drop in DOGE price to $0.15. 

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Dogecoin Price Analysis: DOGE tests $0.20 again, ready to reverse next week?

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  • Dogecoin price analysis is bullish.
  • DOGE/USD still holds above $0.20.
  • DOGE is set to reverse today.

Dogecoin price analysis is bullish today as the market found support at the $0.20 support again today and the market currently looks to reverse. Therefore, we expect DOGE/USD to move higher over the next week and potentially return above the $0.23 local swing high.

Dogecoin Price Analysis: DOGE tests $0.20 again, ready to reverse next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 1.62 percent, while Ethereum is up by 3.06 percent. Meanwhile, Cardano is the worst performer, with a loss of more than 5 percent.

Dogecoin price movement in the last 24 hours: Dogecoin still holds above $0.20

DOGE/USD traded in a range of $0.1945 – $0.2119, indicating mild volatility over the last 24 hours. Trading volume has increased by 17.32 percent and totals $1.5 billion, while the total market cap trades around $27 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE set to reverse next week?

On the 4-hour chart, we can see the Dogecoin price refusing to move lower, indicating a potential reversal to come next week.

Dogecoin Price Analysis: DOGE tests $0.20 again, ready to reverse next week?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action has continued to trade in a bearish momentum over the past week. After a strong decline on the 7th of September, DOGE/USD saw consolidation last week above the $0.23 mark.

However, on Monday, DOGE finally broke lower and rapidly dropped to $0.20. From there, a retest of the $).23 previous support as resistance was seen during the middle of the week. 

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Bears took over the Dogecoin price action again on Friday, resulting in another drop to the $0.20 support. Since further downside could not be reached again today, we expect that bears are finally exhausted, and Dogecoin is up for a significant reversal next week.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish for today as another rejection for further downside was seen earlier today as the $0.20 mark was tested again. Therefore, we expect DOGE/USD to increase over the next 24 hours and potentially move past the $0.23 swing high early next week.

While waiting for Dogecoin to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

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Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

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He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

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