Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements
Dogecoin (DOGE) may have landed major proponent Mark Cuban in hot water as it hits its lowest against Bitcoin (BTC) in over half a year.
“Now price it in bananas”
Data from Cointelegraph Markets Pro and TradingView showed DOGE/BTC trailing at 412 satoshis (0.00000412 BTC) on Oct. 14 — down from highs of 1,284 satoshis (0.00001284 BTC) in April.
As Bitcoin outpaces altcoins en masse this month, the pain has been especially intense for Dogecoin investors after months of public campaigning by both Cuban and others, including the world’s richest man, Elon Musk.
Nothing has been able to reverse the meme-based cryptocurrency’s fortunes, however, and now, frustrated commentators are even demanding an explanation.
Cuban was in line for retribution this week, with podcast host Preston Pysh suggesting that his touting of Dogecoin on U.S. national television at the highs had been — to say the least — misguided.
Cuban Coin, measured in BTC…since promoting it to the world on Ellen. @mcuban pic.twitter.com/8LQAECwsmk
— Preston Pysh (@PrestonPysh) October 13, 2021
Fellow pundit Peter McCormack joined calls for Cuban to comment on the situation against the latter’s backdrop of 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 the fruit.
In August, Cuban stated that he owned less than $500 of DOGE.
Has the DOGE had its day?
Musk, meanwhile, has moved on to incorporate Dogecoin spin-off cryptocurrencies in his publicity efforts, these likewise seeing huge gains on the back of even the most innocuous comments.
Related: Elon Musk’s Tesla is already $1 billion in profit from holding Bitcoin
One such coin, Shiba Inu (SHIB), has since seen substantial selling from large-volume investors known as whales.
The Tesla CEO did not escape the wrath of Bitcoiners earlier this year, however, with his Dogecoin activities being met with claims of investor manipulation.
As Cointelegraph reported, altcoins are tipped for a renaissance once Bitcoin hits its cycle top, which is currently slated for the beginning of 2022.