Dallas Mavericks owner Mark Cuban has been vocal about his support for a number of cryptocurrencies, and shares Elon Musk’s enthusiasm when it comes to Dogecoin. While Doge started out as a meme-based joke, it has since become a strong favourite for a number of crypto enthusiasts.
Cuban commented on the 400% price gain over the past week, stating that, while he has “no idea what it means..supply and demand is undefeated.So it will find its level”.
The billionaire investor initially bought dogecoin for the entertainment value, Forbes initially reported, as well as purchasing “a few dollars worth” as a way to educate his eleven year old son. His lukewarm comments on the coin appeared on Twitter in February:
"If I had to choose between buying a lottery ticket and dogecoin, I would buy dogecoin, But please dont ask me to choose between it and anything else".
Since then, the price of Doge has been driven up by strong community support, and comments by influencers and famous investors such as Elon Musk, Snoop Dog, and Kiss frontman Gene Simmons.
As dogecoin has been driven up in value over the past few months, Cuban announced in March that his NBA franchise would be accepting dogecoin as payment for tickets and merchandise:
“We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR,”
The move led to Cuban proclaiming that they were the largest Dogecoin merchant in the world, after they received more than 20,000 dogecoins a couple of days after making the announcement.
While Cuban may be unsure as to why the price of Doge has gone up 400%, the entrepreneur along with other early investors will stand to benefit from it’s meteoric rise.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.