Billionaire entrepreneur and Dallas Mavericks co-owner Mark Cuban has been a vocal supporter of Dogecoin DOGE/USD and has frequently posted about the dog-themed cryptocurrency on social media over the years.
What Happened: In one such X (formerly Twitter) post on Feb. 4, 2021, Cuban responded to a question about his thoughts on DOGE.
"If I had to choose between buying a lottery ticket and Dogecoin ….I would buy Dogecoin," he wrote. "But please don’t ask me to choose between it and anything else."
Cuban’s remark represented how most people saw memecoins at the time, and possibly still do today — a speculative asset with returns and losses determined solely by chance.
When the "Shark" made this remark, DOGE was priced at 0.052944 per unit. So, an investment of $1,000 would have fetched roughly 18,887 DOGE tokens then.
Today, one DOGE is worth $0.1046, taking the entire portfolio value to $1,975. This represented a jump of 97% or nearly a twofold increase.
Why It Matters: Cuban's remarks preceded a bull cycle for the original memecoin, as DOGE blasted to its all-time highs later in 2021.
Earlier that year, Cuban's Dallas Mavericks also started accepting Dogecoin as payment for tickets and merchandise. In an AMA session in January, Cuban confirmed that the Mavs still accept the meme coin.
Surprisingly, the business tycoon doesn't hold any DOGE tokens in his cryptocurrency portfolio as of today, according to data from Arkham Intelligence.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1046, up 0.37% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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