Dogecoin spiked as high as 500% in the past week to reach a market cap of over $50 billion, and billionaire Mark Cuban could be a part of the reason why.
The Cuban-owned Dallas Mavericks began accepting Dogecoin as payment for tickets and merchandise in March. This week, Cuban tweeted that the team’s sales in Dogecoin had increased 550% in the last month, totaling more than 122,000 Doge in merchandise.
The “Shark Tank” star went on to say that the Mavs will “never sell one single Doge ever.” Some say his statement one-upped Elon Musk’s investment in the cryptocurrency. Musk has called himself the “CEO of Dogecoin.”
Cuban’s interest in cryptocurrency isn’t new. This week, he made an investment in CryptoSlam, an NFT data aggregator, through his venture capital enterprise Radical Investments. The Mavericks began accepting Bitcoin in 2019.
While some worry that Dogecoin’s sudden spike is the sign of a bubble, Cuban compared the cryptocurrency’s rise to the dot-com boom that made him a billionaire.
The “meme” coin has risen more than 3,000% since the start of the year. “I have no idea what it means,” Cuban told CNBC. “But I do know that supply and demand is undefeated. So it will find its level.”