One of the crucial 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 price of Dogecoin increased as they assist validate the meme cryptocurrency.
Right here’s a take a look at how investing in Dogecoin when Cuban made an announcement involving the crypto would have turned out.
What Occurred: On March 4, 2021, Cuban introduced that the Nationwide Basketball Affiliation’s Dallas Mavericks would settle for Dogecoin as payment 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 international MFFL fan base,” stated BitPay CEO Stephen Pair on the time. BitPay labored with the Mavericks to have the ability to settle for Dogecoin for transactions.
Associated Hyperlink: How To Buy Dogecoin
One of many explanations Cuban gave as to why the Mavericks made the choice to simply accept Dogecoin was “As a result of we will!”
“The Mavericks have determined to simply accept Dogecoin as cost for Mavs tickets and merchandise for one crucial, earth shattering motive, as a result of we will!” Cuban stated on the time.
Cuban stated generally you need to do issues which can be enjoyable and will generate a whole lot of PR to your firm or crew.
The Mavericks reported $122,000 in Dogecoin transactions over its first month and noticed a number of 24-hour information set after saying Dogecoin acceptance for merchandise.
In August 2021, the Mavericks launched a promotion to help Dogecoin additional by providing a free $25 e-gift card to anybody who used Dogecoin for merchandise purchases of $150 or extra.
The early help for Dogecoin and the promotion by the Mavericks wasn’t misplaced on Dogecoin co-founder Billy Markus.
“For those who wanna help one of many first massive title distributors to evangelize DOGE for purchases, as @mcuban says, It’s prepared for you,” Markus tweeted on the time.
Cuban revealed later in 2021 that he personally owned $494 in Dogecoin, and the Mavericks owned no matter they’d collected from the merchandise and ticket gross sales.
“If I had to decide on between shopping for a lottery ticker and #Dogecoin…I’d purchase #Dogecoin,” Cuban tweeted in February 2022.
Investing With Cuban, the Mavericks: Typically massive occasions within the cryptocurrency or Dogecoin world will be catalysts that drive the worth increased.
Dogecoin hit a excessive of $0.05109 on the day of the Maverick’s March 2021 announcement. A $1,000 funding in Dogecoin on the time may have bought 19,573.30 Dogecoin.
Based mostly on a price of $0.07227 on the time of writing, the identical $1,000 funding could be price $1,414.56 right now. This marks a 41.4% return in 22 months.
Dogecoin hit an all-time high of $0.7375 in Could 2021, a few months after the Mavericks started supporting the cryptocurrency. The $1,000 funding based mostly on the March announcement would have been price $14,435.31 at its peak in Could 2021. This represents a hypothetical return of 1,343.5%.
Dogecoin has traded between $0.04972 and $0.2032 during the last 52 weeks.
Learn Subsequent: Mark Cuban: Dogecoin Was ‘Real Money For Us’ Until People Lost The Vibe For It
Photograph: courtesy of Gage Skidmore on flickr
