One of the most ardent defenders of dogecoin DOGO/USD He has been an entrepreneur and owner of an NBA team Cuban Marcos. Tweets made by Cuban and CEO of Tesla Elon Musk have been known for push the price of Dogecoin higher, as they help validate the meme cryptocurrency.
Here is how investing in Dogecoin would have turned out when Cuban made a crypto-related announcement.
What happened: On March 4, 2021, Cuban announced that the Dallas Mavericks of the National Basketball Association would accept Dogecoin as payment of tickets and merchandise.
โThe Dallas Mavericks are longtime cryptocurrency enthusiasts, which opens up new opportunities for the team to sell tickets and merchandise to their global MFFL fan base,โ the BitPay CEO said. pair of esteban at the time. BitPay worked with the Mavericks to be able to accept Dogecoin for transactions.
Related link: How to buy Dogecoin
One of the explanations Cuban gave as to why the Mavericks made the decision to accept Dogecoin was "Because we can!"
โThe Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for a very important and momentous reason, because we can!โ Cuban said at the time.
Cuban said sometimes you have to do things that are fun and can generate a lot of PR for your company or team.
The Mavericks reported $122,000 in Dogecoin transactions during their first month and saw several 24-hour records set after announcing the acceptance of Dogecoin for merchandise.
In August 2021, the Mavericks launched a promotion to further support Dogecoin by offering a free $25 e-gift card to anyone who uses Dogecoin for merchandise purchases of $150 or more.
The initial support for Dogecoin and the promotion of the Mavericks did not go unnoticed by the Dogecoin co-founder. Billy Markus.
โIf you want to support one of the first big-name vendors to evangelize DOGE for purchases, as @mcuban says, it's ready for you,โ Markus tweeted at the time.
Cuban revealed later in 2021 that he personally owned $494 worth of Dogecoin, and the Mavericks owned all that they had raised from merchandise and ticket sales.
โIf I had to choose between buying a lottery ticket and #DogecoinโฆI would buy #Dogecoin,โ Cuban tweeted in February 2022.
Investing with Cuban, the Mavericks: Sometimes big events in the world of cryptocurrencies or Dogecoin can be catalysts that push the price up.
Dogecoin peaked at $0.05109 on the day of the Maverick announcement in March 2021. A $1,000 investment in Dogecoin at that time could have bought 19,573.30 Dogecoin.
Based on price of $0.07227 at the time of writing, the same investment of $1,000 would be worth $1,414.56 today. This marks a return of 41.4% in 22 months.
dogecoin reached an all-time high of $0.7375 in May 2021, a couple of months after the Mavericks started backing the cryptocurrency. The $1,000 investment based on the March announcement would have been worth $14,435.31 at its peak in May 2021. This represents a hypothetical return of 1,343.5%.
Dogecoin has traded between $0.04972 and $0.2032 in the last 52 weeks.
Read next: Mark Cuban: Dogecoin Was 'Real Money To Us' Until People Lost The Vibe
Photo: courtesy of Skidmore Gauge on flickr
