Here’s How Much $1,000 Invested in Dogecoin When Mark Cuban & Dallas Mavericks Embraced the Meme Crypto Would Be Worth Now
Dallas Mavericks owner, Mark Cuban, has been one of the most vocal supporters of Dogecoin, and his endorsement of the cryptocurrency has been known to drive up the price. On March 4, 2021, the Mavericks announced they would accept Dogecoin payments for tickets and merchandise, marking one of the first big-name vendors to support the cryptocurrency. In the first month, the team reported $122,000 in Dogecoin transactions, and in August, they launched a promotion offering a free $25 e-gift card to anyone who used Dogecoin for merchandise purchases of $150 or more. Cuban later revealed that he personally owned $494 in Dogecoin, and the Mavericks owned whatever they had collected from merchandise and ticket sales.
Investing in Dogecoin when the Mavericks made their announcement in March 2021 could have yielded high returns. If someone had invested $1,000 at the time, they could have purchased 19,573.30 Dogecoin, which would be worth $1,336.86 today, a return of 33.7%. If someone had held their investment until May 2021 when Dogecoin hit an all-time high of $0.7375, their investment would have been worth $14,435.31, a return of 1,343.5%. Currently, Dogecoin trades at between $0.04972 and $0.1780 over the last 52 weeks. Cuban believes that Dogecoin still has the potential to generate positive public relations for companies or teams, and has stated, “If I had to choose between buying a lottery ticket and #Dogecoin…I would buy #Dogecoin.”