One of the vocal supporters of Dogecoin DOGE/USD has been entrepreneur and NBA crew proprietor Mark Cuban. Tweets made by Cuban and Tesla CEO Elon Musk have been identified to drive the worth of Dogecoin greater as they validate the meme coin.
Right here’s a take a look at how investing in Dogecoin primarily based off of a Cuban occasion would have turned out.
What Occurred: On March 4, 2021, Cuban announced that the Nationwide Basketball Affiliation’s Dallas Mavericks would settle for Dogecoin as fee for tickets and merchandise.
“The Dallas Mavericks are a long-time fanatic of cryptocurrency, opening up new alternatives for the crew to promote tickets and merchandise to its world MFFL fan base,” stated BitPay CEO Stephen Pair on the time. BitPay labored with the Mavericks to make the transfer occur.
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One of many greatest explanations Cuban gave as to why the Mavericks made the choice to just accept Dogecoin was “As a result of we will!”
“The Mavericks have determined to just accept Dogecoin as fee for Mavs tickets and merchandise for on essential, earth shattering cause, as a result of we will!” Cuban stated on the time.
Cuban stated generally it’s a must to do issues which can be enjoyable and will generate loads of PR in your firm or crew.
The Mavericks noticed $122,000 recognized in Dogecoin sales over its first month and set a number of 24-hour data with robust demand of utilizing the meme coin in the direction of merchandise.
Cuban revealed later in 2021 that he personally owned $494 in Dogecoin, and the Mavericks personal no matter they’ve collected from the merchandise and ticket gross sales.
“If I had to decide on between shopping for a lottery ticket and #Dogecoin…I might purchase #Dogecoin,” Cuban tweeted in February.
Supporting Dogecoin even additional, the Mavericks offered a promotion to help the meme crypto in August 2021. All prospects who used Dogecoin to make purchases on-line totaling $150 or extra obtained a free $25 e-gift card. The occasion was a part of a Dogemania occasion.
The early help for Dogecoin and the promotion by the Mavericks wasn’t misplaced on Dogecoin co-founder Billy Markus.
“In case you wanna help one of many first large title distributors to evangelize DOGE for purchases, as @mcuban says, it’s prepared for you,” Markus tweeted on the time.
Associated Hyperlink: Mark Cuban: Dogecoin Was ‘Real Money For Us’ Until People Lost The Vibe For It
Investing With Cuban, the Mavericks: Generally large occasions within the cryptocurrency or Dogecoin world will be catalysts that drive the worth greater.
Dogecoin hit a excessive of $.05109 on the day of the Maverick’s March announcement. A $1,000 funding in Dogecoin on the time might have bought 19,573.30 Dogecoin.
Primarily based on a price of $0.0904 on the time of writing, the identical $1,000 funding could be value $1,769.62 in the present day. This marks a 77% return in 18 months.
Dogecoin hit an all-time high of $0.7375 in Might 2021, a pair months after the Mavericks started supporting the cryptocurrency. The $1,000 funding primarily based on the March announcement was value $14,435.31 at its peak in Might 2021.
Dogecoin has traded between $0.04972 and $0.2713 in 2022.
Learn Subsequent: Why Mark Cuban Thinks Crypto Is Boring Now
Photograph: Courtesy of Gage Skidmore on flickr
