One of the vocal supporters of the Dogecoin (CRYPTO: DOGE) is entrepreneur and NBA team owner Mark Cuban . Tweets from Cuban and Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA), are known to lower the price of the Dogecoin soar as they validate the meme coin.
Here’s a look at how an investment in Dogecoin could have been pretty profitable due to a Cuban event.
What happened
On March 4, Cuban announced that the Dallas Mavericks would be accepting Dogecoin as payment for tickets and merchandise in the NBA.
“The Dallas Mavericks have long been a cryptocurrency enthusiast, which opens up new opportunities for the team to sell tickets and merchandise to its global MFFL fan base,” said BitPay CEO Stephen Pair. BitPay worked with the Mavericks to make this move possible.
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One of the main explanations Cuban gave as to why the Mavericks made the decision to accept Dogecoin was “Because we can!” “The Mavericks chose 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.
24 hour records
Cuban said that sometimes you have to do things that are fun and can generate a lot of PR for your company or team.
The Mavericks posted $ 122,000 in Dogecoin sales in the first month and set several 24-hour records as the demand for the meme coin for merchandise items was very high.
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Cuban revealed this week that he personally owns $ 494 in Dogecoin and the Mavericks own everything they have raised from merchandise and ticket sales. “If I had to choose between buying a lottery ticket and #Dogecoin … I would buy #Dogecoin,” Cuban tweeted in February.
Investing with Cuban, the Mavericks
Sometimes big events in the world of cryptocurrencies or Dogecoin can be catalysts that drive the price up.
Dogecoin hit a high of $ .05109 on the day the Mavericks announced it in March. With an investment of $ 1,000 in Dogecoin, you could have bought 19,573.30 Dogecoin at this point.
At $ 0.3258 at the time of this writing, the same $ 1,000 investment would be worth $ 6,376.98 today. That means a return of 537% over a period of five to six months.
The price of Dogecoin has risen rapidly in the past few weeks, and several tweets from Cuban have contributed to its soaring rating.
Photo: David Herrera, Flickr
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