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Dogecoin Loses 70% Against Bitcoin During 6 Months of Celebrity DOGE Endorsement

Dogecoin (DOGE) may have landed lead proponent Mark Cuban in hot water as it is at its lowest against bitcoin (BTC) in half a year.

DOGE/BTC 1-Week Candle Chart (Bittrex). Source: TradingView

“Now Its Price in Bananas”

Data from Cointelegraph Markets Pro and TradingView shows that DOGE/BTC was trailing at 412 satoshis (0.00000412 BTC) on 14 October – down from an April high of 1,284 satoshis (0.00001284 BTC).

As bitcoin has outperformed altcoins in a big way this month, the pain is particularly acute for Dogecoin investors after months of public hype by both Cuban and others, including the world’s richest man, Elon Musk.

However, nothing has been able to reverse the fortunes of the meme-based cryptocurrency, and now, frustrated commentators are also demanding clarification.

Cuba was in line for retaliation this week, with podcast host Preston Pisch suggesting that his high-level promotion of Dogecoin on US national television was – at least – misleading.

Fellow pundit Peter McCormack joined Cuba’s call to comment on the situation against the backdrop of the latter’s criticism of bitcoin.

Twitter users pushed Cuba’s claim that it would own a banana instead of BTC, mocking Dogecoin’s declining purchasing power when measured in fruit.

In August, Cuba Having said that he owned less than $500 of DOGE.

Has DOGE had its day?

Meanwhile, Musk has begun to incorporate the Dogecoin spin-off cryptocurrency into his promotional efforts, similarly seeing huge gains behind even the most innocuous comments.

RELATED: Elon Musk’s Tesla Is Already Making $1 Billion Profit From Holding Bitcoin

One such coin, the Shiba Inu (SHIB), has since seen substantial sales from a large number of investors known as whales.

The Tesla CEO did not escape the wrath of bitcoiners earlier this year, however, as his Dogecoin activities were met with claims of investor manipulation.

As Cointelegraph reported, the altcoin is tipped for a renaissance once bitcoin reaches the top of its cycle, with it currently scheduled for an early 2022 launch.

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