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 validate the meme coin.
Here’s a look at how investing in Dogecoin based off of a Cuban event 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.
“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 make the move happen.
See Also: How To Buy Dogecoin
One of the biggest explanations Cuban gave as to why the Mavericks made the decision to accept Dogecoin was “Because we can!”
“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for on very important, earth shattering reason, because we can!” Cuban said at the time.
Cuban said sometimes you have to do things that are fun and could generate a lot of PR for your company or team.
The Mavericks saw $122,000 recognized in Dogecoin sales over its first month and set several 24-hour records with strong demand of using the meme coin towards merchandise.
Cuban revealed later in 2021 that he personally owned $494 in Dogecoin, and 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.
Supporting Dogecoin even further, the Mavericks offered a promotion to support the meme crypto in August 2021. 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.
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.
Related Link: Mark Cuban: Dogecoin Was 'Real Money For Us' Until People Lost The Vibe For It
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 $.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 $0.0904 at the time of writing, the same $1,000 investment would be worth $1,769.62 today. This marks a 77% return in 18 months.
Dogecoin hit an all-time high of $0.7375 in May 2021, a couple months after the Mavericks began supporting the cryptocurrency. The $1,000 investment based on the March announcement was worth $14,435.31 at its peak in May 2021.
Dogecoin has traded between $0.04972 and $0.2713 in 2022.
Read Next: Why Mark Cuban Thinks Crypto Is Boring Now
Photo: Courtesy of Gage Skidmore on flickr
