If You Invested $1,000 In Dogecoin When Mark Cuban And The Dallas Mavericks Welcomed The Meme Crypto, Here’s How Much You’d Have Now

Billionaire Mark Cuban just lately expressed interest in leading the Securities and Change Fee (SEC), criticizing the company’s dealing with of cryptocurrency laws beneath present Chair Gary Gensler.

As a well known NBA crew proprietor and advocate for digital assets like Dogecoin DOGE/USD, Cuban has regularly used his platform, together with Tesla CEO Elon Musk, to affect the meme coin’s value by means of public assist.

Here’s a have a look at how investing in Dogecoin primarily based on a Cuban occasion would have turned out.

What Occurred: On March 4, 2021, Cuban announced that the Nationwide Basketball Affiliation’s Dallas Mavericks would settle for Dogecoin as cost for tickets and merchandise.

“The Dallas Mavericks are a long-time fanatic of cryptocurrency, opening up new alternatives for the crew to promote tickets and merchandise to its international MFFL fan base,” mentioned BitPay CEO Stephen Pair on the time. BitPay labored with the Mavericks to make the transfer occur.

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One of many largest explanations Cuban gave as to why the Mavericks made the choice to just accept Dogecoin was “As a result of we are able to!”

“The Mavericks have determined to just accept Dogecoin as cost for Mavs tickets and merchandise for on essential, earth shattering motive, as a result of we are able to!” Cuban mentioned on the time.

Cuban mentioned typically it’s important to do enjoyable issues that might generate plenty of PR to your firm or crew.

The Mavericks noticed $122,000 recognized in Dogecoin sales over its first month and set a number of 24-hour data with sturdy demand for utilizing the meme coin in the direction of merchandise.

Cuban revealed later in 2021 that he personally owned $494 in Dogecoin, and the Mavericks personal no matter they’ve collected from the merchandise and ticket gross sales.

“If I had to decide on between shopping for a lottery ticket and #Dogecoin… I’d purchase #Dogecoin,” Cuban tweeted in February 2021.

Supporting Dogecoin even additional, the Mavericks offered a promotion to assist the meme crypto in August 2021. All clients who used Dogecoin to make purchases on-line totaling $150 or extra acquired a free $25 e-gift card. The occasion was a part of a Dogemania occasion.

The early assist for Dogecoin and the promotion by the Mavericks wasn’t misplaced on Dogecoin co-founder Billy Markus.

“If you wanna assist one of many first huge title distributors to evangelize DOGE for purchases, as @mcuban says, it is prepared for you,” Markus tweeted on the time.

Investing With Cuban, the Mavericks: Typically huge occasions within the cryptocurrency or Dogecoin world may be catalysts that drive the worth greater.

Dogecoin hit a excessive of $.05109 on the day of the Maverick’s March announcement. A $1,000 funding in Dogecoin on the time may have bought 19,573.30 Dogecoin.

Based mostly on a price of $0.1185 for Dogecoin on the time of writing, the identical $1,000 funding can be price $2,319.44 at this time. This marks a +131.9% over the past three and a half years.

Dogecoin hit an all-time high of $0.7375 in Might 2021, a few months after the Mavericks started supporting the cryptocurrency. At its peak, the $1,000 funding primarily based on the March announcement was price $14,435.31.

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

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Photograph: Courtesy of Gage Skidmore on flickr