Mark Cuban fits the “eccentric billionaire” tag for a lot of people. In addition to having an unbelievable amount of money in the bank, he’s also one of those entrepreneurs that has really become a celebrity in his own right.
Oh, and he’s a massive fan of Doge. In fact, his willingness to accept this crypto has helped it to grow a lot. In 2021, he announced that the Mavericks would be the latest in a string of businesses that started to take Doge as payment. The mainstream nature of Doge means that you can even use it at certain reliable dogecoin casinos, to gamble with and make deposits and withdrawals, making it another way to try and grow your crypto pot.
Cuban has been quoted as saying that the currency will eventually trade at the $1 level, and the currency that many saw as a bit of a joke might even make to the mainstream once and for all. It’s amazing that you can use Doge to buy tickets, merchandise and more, and see those cute little dogs while you make your transaction.
There is a circulating supply of over 150 billion DOGE, according to the latest data, and the number is increasing all the time.
Dogecoin explained
We’ll try to explain Dogecoin for those who don’t know what it is or how it came about. Dogecoin is a type of ‘memecoin’, which is a relatively new sensation in the world of crypto.
Dogecoin, with the ticker DOGE, was started way back in 2013 by a couple of software engineer pals working for Adobe and IBM. Bitcoin was already in existence, and they wanted to make a funny way for people to start to understand crypto and what it is. Dogecoin was the result, with cute Shiba Inu dogs on the front of the virtual coin.
They didn’t really think that the coin would take off, but it’s been relatively popular even if some say the technology driving the currency isn’t as good as its competition, such as Bitcoin.
Dogecoin experienced something of a peak in 2021 when it traded for about eight times more than it is trading for in 2022, which does show that the market can be volatile. At one point, it was estimated that the capitalization sat at about $78bn, making Doge one of the biggest cryptocurrencies in the world.
Cuban’s love of Doge
Mark Cuban has been quoted as speaking about the community around the coin. Dogecoin’s users tend to use it more as a currency in his view, which means they are more likely to actually trade it for goods and services rather than hold onto it for their portfolio.
“It’s a medium that can be used for the acquisition of goods and services, the community for doge is the strongest when it comes to using it as a medium of exchange.”
Why does this support matter? Well, he’s certainly not the only billionaire to show support for Dogecoin, and while he has backtracked a little bit in 2022, the fact that he is so positive definitely drives other people to consider investing in the currency and using Doge.
He’s also a powerful businessman and is involved in a lot of companies. Look at the way he has invested across the years working on Shark Tank. If people like this start to support these types of cryptocurrencies, then there is every chance that it is going to grow, and importantly, be accepted in mainstream stores. The fact you can buy a ticket to the Mavericks with a currency that started as a joke is pretty crazy.
The more businesses that adopt these types of crypto as a payment option, the more seriously it will be taken. Elon Musk has been another vocal supporter, joking that he should be called “The Dogefather”. If people like this take the currency to the next level, then it could grow in popularity and value. There has been speculation about whether it will reach the $1 trading point, and though this is currently a long way away, it isn’t out of the question.
Conclusion
Nobody can predict exactly what is going to happen with Doge, or whether the fact that it started as a joke will impact the growth of the currency. When you consider that the market capitalization has hit billions in recent years, it seems as if anything can happen. Mark Cuban is one in a line of champions for this crypto.
