Mark Cuban is one of the few billionaires who, like Elon Musk, believes in Dogecoin. In an interview with CNBC’s ‘Make It’ segment on Friday, the billionaire entrepreneur who owns the NBA professional basketball team, the Dallas Mavericks, among other franchises, called DOGE the “strongest” contender among digital currencies for widespread use as a medium of exchange.
The Dallas Mavericks, who have accepted Bitcoin since 2019, announced in March that they had begun accepting Dogecoin from their fans for online ticket and merchandise purchases via Bitpay – a cryptocurrency payments service. According to Cuban, the move was a huge success, as the team reported receiving over 20,000 Doge in transactions shortly after the announcement, making them the largest Dogecoin merchant.
Cuban is convinced that Dogecoin has the potential to become a widely used currency of exchange, but he is skeptical that enough people will see it that way. He believes that the meme coin’s deterministic inflation, which means that the amount of inflation is defined and there is no uncertainty as to the amount created and its inflation percentage, may allow it to grow as a valid payment mechanism.
In May, the billionaire revealed via Twitter that he owned 3250 Doge, which he purchased with his 11-year-old son.
The publicity provided to Dogecoin by its strong supporters, Elon Musk and Mark Cuban, has had a significant impact on Dogecoin’s growth in the cryptocurrency market. Remember Elon Musk’s Twitter antics promoting Dogecoin earlier this year? They had a significant impact on the market.
DOGE received a boost from Elon Musk’s support in a series of tweets over the course of the year. His tweets not only increased global awareness of the cryptocurrency, but also encouraged investors to purchase more Dogecoins.
The climax came when Musk announced that Dogecoin would be featured in his ‘Saturday Night Live’ hosting debut, referring to himself as the “Dogefather.” However, shortly after the show, there were massive sell-offs, and the price of Doge, along with the rest of the crypto-market, plummeted. Musk has also hinted that Doge may be accepted at SpaceX. His last mention of Dogecoin on Twitter was in July when he referred to it as money rather than a way to make money.
Dogecoin, on the other hand, has not been left out of the crypto-market rally, with the coin currently trading at around $0.3, up 7.27 percent on the day and 15.30 percent in the last seven days. It is, however, a long way from its all-time high of $0.73 set on May 8. Despite recent publicity and a rally, sentiment toward Dogecoin remains mixed, with skeptics believing the coin, which was created as a joke, will not survive in the market.