Elon Musk, Tesla CEO, has supported dogecoin for many years. Chris Saucedo/Getty Images at SXSW
Elon Musk stated that he agreed with Mark Cuban about dogecoin being a strong medium for exchange.
Cuban's Dallas Mavericks accepted dogecoin and he was very proud of the token's strong community.
Mainstream investors consider cryptocurrencies unsuitable to be used for payments because of their volatility.
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Mark Cuban, a billionaire entrepreneur, claims that dogecoin has the strongest cryptocurrency for exchange. Elon Musk, a long-time doge lover, supports his claim.
Cuban said last week to CNBC that the "community for doge" is the strongest when it's used as a medium for exchange.
CNBC's report on Cuban's claims was retweeted by Tesla boss Musk, who tweeted Saturday: "I've said this for a while."
Celebrity businessmen were attracted to dogecoin by its light-heartedness and strong community. This has contributed to the 8,000% increase in its value over the past year.
Cryptocurrency skeptics, however, struggle to see what Musk or Cuban see in Dogecoin. It is volatile and more difficult to use for purchase than traditional payment methods.
Many investors are skeptical of altcoins such as dogecoin. Their price is greatly influenced by celebrity endorsements and social media buzz.
Continue reading: A 20-year old crypto market-maker breaks down his Reddit-inspired trading approach and explains why ether is displacing Bitcoin as the 'king cryptocurrency.
In March, Cuban, a star of "Shark Tank", began to accept dogecoin for merchandise purchases for the Dallas Mavericks (which he owns) On Thursday, he announced that the basketball team would offer special pricing to customers who choose to pay with dogecoin during its summer sale.
Cuban said that it can be used to acquire goods and services. "The doge community is the strongest when it concerns using it as an exchange medium."
Musk supports dogecoin, a meme cryptocurrency which was created as a joke in 2013.
Musk stated that he had stopped Tesla from accepting bitcoin in May and was now working with dogecoin developers on improving the cryptocurrency network's transaction efficiency. However, there have been no further details.
Musk's Saturday comment seemed to reassure doge lovers that Tesla boss still supports the coin. It traded 6.4% higher at $0.2968 on Sunday.
