If You Invested $1,000 In Dogecoin When The Dallas Mavericks Began Accepting The Meme Crypto, Here's How Much You'd Have Now

One of the most vocal supporters of Dogecoin DOGE/USD has been entrepreneur and NBA team owner Mark Cuban. Tweets made by Cuban and Tesla Inc TSLA CEO Elon Musk have been known to drive the price of Dogecoin higher as they validate the meme coin.

Here’s a look at how investing in Dogecoin based off of a Cuban event could have been quite profitable.

What Happened: On March 4, Cuban announced the NBA's Dallas Mavericks would accept Dogecoin as payment for tickets and merchandise.

“The Dallas Mavericks are a long-time enthusiast of cryptocurrency, opening up new opportunities for the team to sell tickets and merchandise to its global MFFL fan base,” said BitPay CEO Stephen Pair. BitPay worked with the Mavericks to make the move happen.

See Also: How To Buy Dogecoin

One of the biggest explanations Cuban gave as to 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 on very important, earth shattering reason, because we can!” Cuban said at the time.

Cuban said sometimes you have to do things that are fun and could generate a lot of PR for your company or team.

The Mavericks saw $122,000 recognized in Dogecoin sales over its first month and set several 24-hour records with strong demand of using the meme coin towards merchandise.

Cuban revealed this week he personally owns $494 in Dogecoin and the Mavericks own whatever they have collected from the merchandise and ticket sales.

“If I had to choose between buying a lottery ticket and #Dogecoin…I would buy #Dogecoin,” Cuban tweeted in February.

Investing With Cuban, the Mavericks: Sometimes big events in the cryptocurrency or Dogecoin world can be catalysts that drive the price higher.

Dogecoin hit a high of $.05109 on the day of the Maverick’s March announcement. A $1,000 investment in Dogecoin at the time could have purchased 19,573.30 Dogecoin.

Based on a price of $0.3258 at the time of writing, the same $1,000 investment would be worth $6,376.98 today. This marks a 537% return in a period of five to six months.

The price of Dogecoin has been rising rapidly in recent weeks and several tweets made by Cuban have been contributed to the rising valuation.

Photo: David Herrera, Flickr