One of the most vocal supporters of Dogecoin (CRYPTO: DOGE) 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.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
“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
“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 back then.
The billionaire entrepreneur and investor also said that sometimes things need to be done in fun so that they can generate a lot positive public relations for a company or team.
Over its first month, the Mavericks reported $122,000 in Dogecoin transactions and saw several 24-hour records set after announcing acceptance of Dogecoin for merchandise. In August 2021, the team 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 that the Mavericks owned whatever the team had collected from 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 Mavericks’ March 2021 announcement. A $1,000 investment in Dogecoin at that time could have purchased 19,573.30 Dogecoin.
Based on a price of $0.0683 at the time of writing, the same $1,000 investment would be worth $1,336.86 today. This marks a 33.7% return in two years.
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. That would have represented a return of 1,343.5%.
Dogecoin has traded between $0.04972 and $0.1780 over the last 52 weeks.
Read Next: Mark Cuban: Dogecoin Was ‘Real Money For Us’ Until People Lost The Vibe For It
Photo: Courtesy of Dunk on flickr
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.