Billionaire entrepreneur and popular television personality Mark Cuban, while known for his investments in top cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, has not shied away from parking his money in lesser-hyped coins.
What happened: During an Ask Me Anything session on X back in January, the popular “shark” revealed that Polygon MATIC/USD, now rebranded to POL, and Injective INJ/USD were his favorite cryptocurrency projects outside of Bitcoin and Ethereum.
"I'm an investor in both. DYOR," Cuban said, adding the standard disclaimer.
The POL token serves as the utility token of the Polygon network, a Layer 2 scaling solution that works with the Ethereum blockchain to speed up transactions and reduce costs.
INJ, on the other hand, is the native token of Injective, a blockchain specializing in building decentralized finance applications.
Interestingly, since Cuban's disclosure, POL has plunged 26%, while INJ has fallen 25%.
Cuban appeared to have exited his investments in the two tokens and holds none as of this writing, per on-chain analytics firm Arkham Intelligence, which tracks the wallet movements of notable individuals.
That said, Cuban does hold 284.75 Wrapped Matic (WMATIC), a DeFi-compatible version of MATIC.
Why It Matters: Cuban bet big on cryptocurrencies like Dogecoin DOGE/USD, integrating it with his businesses.
During his tenure as the principal owner of the professional basketball team Dallas Mavericks, he started accepting Dogecoin as payment for tickets and merchandise.
The Mavericks saw $122,000 recognized in Dogecoin sales over its first month and set several 24-hour records with strong demand for using the meme coin toward merchandise.
Cuban also showered praise on Ethereum, deeming it the “closest" to a true currency.
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