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

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Dogecoin (DOGE) might have landed main proponent Mark Cuban in scorching water because it hits its lowest towards Bitcoin (BTC) in over half a yr.

DOGE/BTC 1-week candle chart (Bittrex). Supply: TradingView

“Now value it in bananas”

Information from Cointelegraph Markets Pro and TradingView confirmed 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 ache has been particularly intense for Dogecoin buyers after months of public campaigning by each Cuban and others, together with the world’s richest man, Elon Musk.

Nothing has been in a position to reverse the meme-based cryptocurrency’s fortunes, nevertheless, and now, annoyed commentators are even demanding an evidence.

Cuban was in line for retribution this week, with podcast host Preston Pysh suggesting that his touting of Dogecoin on U.S. nationwide tv on the highs had been — to say the least — misguided.

Fellow pundit Peter McCormack joined requires Cuban to touch upon the state of affairs towards the latter’s backdrop of criticism of Bitcoin.

Twitter customers additional evoked Cuban’s declare that he would rather own bananas than BTC, poking enjoyable at Dogecoin’s declining buying energy when measured within the fruit.

In August, Cuban stated that he owned lower than $500 of DOGE.

Has the DOGE had its day?

Musk, in the meantime, has moved on to include Dogecoin spin-off cryptocurrencies in his publicity efforts, these likewise seeing huge gains on the again of even probably the most innocuous feedback.

Associated: 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 buyers referred to as whales.

The Tesla CEO didn’t escape the wrath of Bitcoiners earlier this yr, nevertheless, together with his Dogecoin actions being met with claims of investor manipulation.

As Cointelegraph reported, altcoins are tipped for a renaissance as soon as Bitcoin hits its cycle prime, this at present slated for the start of 2022.