Mark Cuban's Dogecoin (DOGE) Investment Would Have Doubled By Now: Here's The Math
- WBOYOriginal
- 2024-08-21 21:08:11246browse
Billionaire entrepreneur and Dallas Mavericks co-owner Mark Cuban has been a vocal supporter of Dogecoin DOGE/USD and has frequently posted about the
Billionaire entrepreneur Mark Cuban has been a vocal supporter of Dogecoin (CRYPTO: DOGE) over the years and has frequently posted about the dog-themed cryptocurrency on social media.
In one such X (NYSE:X) (formerly Twitter (NYSE:TWTR)) post on Feb. 4, 2021, Cuban responded to a question about his thoughts on DOGE.
"If I had to choose between buying a lottery ticket and Dogecoin ….I would buy Dogecoin," he wrote. "But please don’t ask me to choose between it and anything else."
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 ??? https://t.co/BXwqHnq9IZ
Cuban’s remark represented how most people saw memecoins at the time, and possibly still do today — a speculative asset with returns and losses determined solely by chance.
When the "Shark" made this remark, DOGE was priced at 0.052944 per unit. So, an investment of $1,000 would have fetched roughly 18,887 DOGE tokens then.
Today, one DOGE is worth $0.1046, taking the entire portfolio value to $1,975. This represented a jump of 97% or nearly a twofold increase.
Later In The Day ...
Cuban's remarks preceded a bull cycle for the original memecoin, as DOGE blasted to its all-time highs later in 2021.
Earlier that year, Cuban's Dallas Mavericks also started accepting Dogecoin as payment for tickets and merchandise. In an AMA session in January, Cuban confirmed that the Mavs still accept the meme coin.
Surprisingly, the business tycoon doesn't hold any DOGE tokens in his cryptocurrency portfolio as of today, according to data from Arkham Intelligence.
See also: Cuban Doesn't Own Any Dogecoin, Despite Being A Fan: Here's Why
Why It Matters
While Cuban may not be personally invested in Dogecoin, his support for the cryptocurrency has played a key role in boosting its visibility and mainstream adoption.
Cuban's enthusiasm for memecoins is also evident in his recent ventures. In December 2022, he launched a new NFT platform called Lazy.com, which will feature collections from Bored Ape Yacht Club, World of Women, and — you guessed it — Doge Pound.
"I think there's a place for meme coins. I think they serve a purpose," Cuban said in an interview with Yahoo Finance Live at the time.
"They're fun, they're speculative, they're a way for people to get into crypto and learn about crypto and have fun with it. And I think that's great."
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