Mark Cuban's Dogecoin Advocacy: How Investing Based on Cuban Events Would Have Turned Out

Billionaire Mark Cuban recently expressed interest in leading the Securities and Exchange Commission (SEC), criticizing the agency's handling of cryptocurrency

Billionaire Mark Cuban, who is also a well-known NBA team owner, recently expressed interest in leading the Securities and Exchange Commission (SEC). Cuban has been critical of the agency's handling of cryptocurrency regulations under current Chair Gary Gensler.

As a supporter of digital assets like Dogecoin (CRYPTO: DOGE), Cuban has used his platform to influence the meme coin's price through public support. Here's a look at how investing in Dogecoin based on a Cuban event turned out.

On March 4, 2021, Cuban announced that the NBA's Dallas Mavericks would begin accepting Dogecoin as a payment method 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 on the initiative.

One of the main reasons Cuban gave for the decision 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, it's because we can!" Cuban said at the time.

According to Cuban, there are times when you just have to do fun things that can generate a lot of PR for your company or team.

The Mavericks recognized $122,000 in Dogecoin sales during its first month and set several 24-hour records with strong demand for using the meme coin towards merchandise.

Later in 2021, Cuban revealed that he personally owned $494 in Dogecoin, while the Mavericks own whatever they have collected from the merchandise and ticket sales.

"If I had to choose between buying a lottery ticket and #Dogecoin… I would buy #Dogecoin," Cuban tweeted in February 2021.

Continuing their support for Dogecoin, the Mavericks offered a promotion in August 2021 to support the meme crypto. All customers who used Dogecoin to make purchases online totaling $150 or more received a free $25 e-gift card. The event was part of a Dogemania event.

Dogecoin co-founder Billy Markus took note of the early support for Dogecoin and the promotion by the Mavericks.

"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.

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 announcement. A $1,000 investment in Dogecoin at the time could have purchased 19,573.30 Dogecoin.

Based on a price of $0.1185 for Dogecoin at the time of writing, the same $1,000 investment would be worth $2,319.44 today. This marks a 131.9% over the last three and a half years.

Dogecoin hit an all-time high of $0.7375 in May 2021, a couple of months after the Mavericks began supporting the cryptocurrency. At its peak, the $1,000 investment based on the March announcement was worth $14,435.31.

Dogecoin has traded between $0.05747 and $0.2266 over the last 52 weeks.

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