One of the most vocal supporters of Dogecoin DOGE/USD has been entrepreneur and NBA team owner Mark Cuban. Tweets made by Cuban and Tesla CEO Elon Musk have been known to drive the price of Dogecoin higher as they help validate the meme cryptocurrency.
Here’s a look at how investing in Dogecoin when Cuban made an announcement involving the crypto would have turned out.
What Happened: On March 4, 2021, Cuban announced that the National Basketball Association’s Dallas Mavericks would accept Dogecoin as payment for tickets and merchandise.
“The Dallas Mavericks are a long-time enthusiast of cryptocurrency, opening up new opportunities for the team to sell tickets and merchandise to its global MFFL fan base,” said BitPay CEO Stephen Pair at the time. BitPay worked with the Mavericks to be able to accept Dogecoin for transactions.
Related Link: How To Buy Dogecoin
One of the explanations Cuban gave as to why the Mavericks made the decision to accept Dogecoin was “Because we can!”
“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth shattering reason, because we can!” Cuban said at the time.
Cuban said sometimes you have to do things that are fun and could generate a lot of PR for your company or team.
The Mavericks reported $122,000 in Dogecoin transactions over its first month and saw several 24-hour records set after announcing Dogecoin acceptance for merchandise.
In August 2021, the Mavericks launched a promotion to support Dogecoin further by offering a free $25 e-gift card to anyone who used Dogecoin for merchandise purchases of $150 or more.
The early support for Dogecoin and the promotion by the Mavericks wasn’t lost on Dogecoin co-founder Billy Markus.
“If you wanna support one of the first big name vendors to evangelize DOGE for purchases, as @mcuban says, It’s ready for you,” Markus tweeted at the time.
Cuban revealed later in 2021 that he personally owned $494 in Dogecoin, and the Mavericks owned whatever they had collected from the merchandise and ticket sales.
“If I had to choose between buying a lottery ticker and #Dogecoin…I would buy #Dogecoin,” Cuban tweeted in February 2022.
Investing With Cuban, the Mavericks: Sometimes big events in the cryptocurrency or Dogecoin world can be catalysts that drive the price higher.
Dogecoin hit a high of $0.05109 on the day of the Maverick’s March 2021 announcement. A $1,000 investment in Dogecoin at the time could have purchased 19,573.30 Dogecoin.
Based on a price of $0.07227 at the time of writing, the same $1,000 investment would be worth $1,414.56 today. This marks a 41.4% return in 22 months.
Dogecoin hit an all-time high of $0.7375 in May 2021, a couple of months after the Mavericks began supporting the cryptocurrency. The $1,000 investment based on the March announcement would have been worth $14,435.31 at its peak in May 2021. This represents a hypothetical return of 1,343.5%.
Dogecoin has traded between $0.04972 and $0.2032 over the last 52 weeks.
Photo: courtesy of Gage Skidmore on flickr