multimillionaire Cuban brand He recently expressed interest in leading the Securities and Exchange Commission (SEC), criticizing the agency's handling of cryptocurrency regulations under the current president. Gary Gensler.
As a well-known NBA team owner and advocate of digital assets such as Dogecoin DOGE/USDCuban has frequently used his platform, along with the Tesla CEO. Elon Muskto influence the price of the meme coin through public support.
Here's a look at how investing in Dogecoin would have turned out based on a Cuban event.
What happened: On March 4, 2021, Cuban announced that the Dallas Mavericks of the National Basketball Association would accept Dogecoin as payment for tickets and merchandise.
“The Dallas Mavericks are long-time cryptocurrency enthusiasts, which opens up new opportunities for the team to sell tickets and merchandise to its global MFFL fan base,” said the BitPay CEO. Stephen Par At the moment. BitPay worked with the Mavericks to make the move a reality.
Look at this:
One of the biggest explanations Cuban gave for why the Mavericks made the decision to accept Dogecoin was “Because we can!”
“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for a very important and momentous reason: because we can!” Cuban said at the time.
Cuban said that sometimes you have to do fun things that could generate a lot of PR for your company or team.
The Mavericks saw $122,000recognized in Dogecoin sales during its first month and set several 24-hour records with strong demand for use of the meme currency for merchandise.
Cuban revealed later in 2021 that he personally owned $494 worth of Dogecoin, and that the Mavericks own everything they have raised from merchandise and ticket sales.
“If I had to choose between buying a lottery ticket and #Dogecoin… I would buy #Dogecoin,” Cuban tweeted in February 2021.
To further support Dogecoin, the Mavericks offered a promotion to support the meme cryptocurrency in August 2021. All customers who used Dogecoin to make online purchases totaling $150 or more received a free $25 e-gift card. The event was part of a Dogemania event.
The initial support for Dogecoin and the promotion of the Mavericks did not go unnoticed by the Dogecoin co-founder. Billy Marcos.
“If you want to support one of the first reputable vendors to evangelize DOGE for shopping, as @mcuban says, it's ready for you,” Markus tweeted at the time.
Investing with the Cubans, the Mavericks: Sometimes big events in the world of cryptocurrency or Dogecoin can be catalysts that drive the price up.
Dogecoin hit a high of $0.05109 on the day of Maverick's March announcement. A $1,000 investment in Dogecoin at that time could have purchased 19,573.30 Dogecoin.
Based on a price of $0.1185 for Dogecoin at the time of writing, the same $1,000 investment would be worth $2,319.44 today. This represents +131.9% in the last three and a half years.
Dogecoin hit an all-time high of $0.7375 in May 2021, a couple of months after Mavericks began supporting the cryptocurrency. At its peak, the $1,000 investment based on the March announcement was worth $14,435.31.
Dogecoin has traded between $0.05747 and $0.2266 over the last 52 weeks.
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Photo: Courtesy of Gage Skidmore on flickr
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