Mark Cuban Once Called Dogecoin's Simplicity Its Greatest Strength: Here's How Much You'd Have Today If You Put $1000 In The Memecoin When He Made That Remark

Billionaire entrepreneur and television personality Mark Cuban has been an avid supporter of Dogecoin DOGE/USD over the years, using his public image and social media reach to drive investments in the dog-themed cryptocurrency.

What happened: In one such post on X (formerly Twitter) in August 2021, the popular "shark" talked about the meme coin's greatest strengths.

"The point about DOGE that people miss is that DOGE’s imperfections and simplicity are its greatest strengths,” Cuban stated. "You can only use it to do 2 things: spend it or HODL it."

Cuban added that DOGE was an inexpensive buy, which, when combined with the aforementioned factors, makes it a community "anyone can join and enjoy."

The point about DOGE that people miss is that DOGE's imperfections and simplicity are it's greatest strengths. You can only use it to do 2 things: Spend It or HODL It. Both are easy to understand. And it's cheap to buy. Which makes it a community anyone can join and enjoy.

— Mark Cuban (@mcuban) August 15, 2021

When Cuban made these observations, one unit of DOGE was priced at $0.337953. So, if you got influenced by his words and invested $1,000, it would have fetched you 2958.99 units of the cryptocurrency.

Fast forward to today – one DOGE is worth $0.4067.

This means that your stash would be worth $1203.42 at current market prices, reflecting a decent return of 20.42%.

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Why It Matters: Cuban has backed his bullish views with actions. 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 revealed later in 2021 that he owned $494 in Dogecoin, although as of this writing, he doesn't hold any DOGE in his cryptocurrency portfolio, per data from on-chain analytics firm Arkham Intelligence.

Price Action: At the time of writing,  DOGE was exchanging hands at $0.4067, up a staggering 47% in the last 24 hours, according to data from Benzinga Pro. 

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Photo: Courtesy of Gage Skidmore on Flickr