Billionaire Mark Cuban has said that the price of the meme-cryptocurrency Dogecoin (DOGE) could eventually hit $1, after pointing out that in only three days accepting DOGE payments his NBA team, the Dallas Mavericks, made over 20,000 coins in transactions.
According to Cuban, this made the Mavericks the “largest dogecoin merchant in the world.” The “Shark Tank” star added that if the team sells merchandise worth an additional 6.5 billion DOGE, the meme currency’s price could hit $1.
The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!🚀🚀🚀
— Mark Cuban (@mcuban) March 6, 2021
Only a month ago, the billionaire said dogecoin is “the best entertainment bang for you buck available,” as anyone can buy $1 or $10 worth of the cryptocurrency and watch its price fluctuate, and discuss why its price movements occur. Per his words, “it’s exciting and educational” for his son.
The cryptocurrency, created as a joke, does not have intrinsic value according to Cuban, but gives holders “a better chance of winning than a lottery ticket all while teaching the economics of supply and demand and introducing people to crypto-assets.”
The price of DOGE has been going up over the last few weeks as several celebrities, including Tesla CEO Elon Musk, have been tweeting about the cryptocurrency. Its market capitalization briefly surpassed $10 billion last month, at a time in which Snoop Dogg, Gene Simmons, and others joined in on the fun.
The cryptocurrency community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
Dogecoin has seen previous attempts to pump it to $1. In July of last year, a viral video on TikTok from a user asking others to buy the cryptocurrency so everyone could “get rich” on the platform saw retail investors pile on the cryptocurrency again. Each was investing $25 to, at the time, buy 10,640 DOGE, in a bid to pump the crypto currency’s price to $1 and have over $10,000 as a result.
Earlier this year, hashtags retail investors started eyeing the cryptocurrency in a bid to help it get to $1, following in the footsteps of the GameStop (NYSE:GME) surge in a battle against short sellers. DOGE is currently trading at $0.056.