Dogecoin (DOGE / USD) has continued to attract the attention of billionaires and notable figures both inside and outside the crypto industry. After Elon Musk’s craze for the meme-based token, another billionaire, Mark Cuban, the owner of the NBA team Dallas Mavericks, has shown an interest in him.
In March, its NBA team announced that it would be accepting Dogecoin as a form of payment for the sale of tickets and merchandise. Mavericks have also been offering support for Bitcoin (BTC / USD) since 2019.
Mavericks offers discounted prices via Dogecoin
Are you looking for quick news, hot tips, and market research? Then sign up for the Invezz newsletter today.
To underline his enthusiasm for Dogecoin, Cuban announced via Twitter that Mavericks are planning merchandising items for the summer that will give a discount to those who pay with Dogecoin. Following his tweets, the Dogecoin community welcomed the development and thanked Cuban for such an offer.
His tweet received over 6,000 likes and hundreds of comments. One of those comments came from the token’s co-creator, Billy Markus.
A ripple effect
Dogecoin price has, in most cases, been boosted by the activities of Elon Musk and other notable figures who are Dogecoin enthusiasts. Cuban’s most recent tweet also had a similar effect, increasing over 4% in the last 24 hours. Doge has been very volatile this month, but the token is still stronger after climbing from $ 0.20 a few days ago to $ 0.27. Investors are still sticking to their Dogecoin investments and are likely waiting for the token to hit the $ 0.30 mark. The cryptocurrency hit an all-time high of $ 0.69 in May.
Although Dogecoin was developed as a hoax, Cuban stated that it has an exclusive use case compared to other cryptocurrencies. He explained:
It is a medium that can be used to acquire goods and services.
Cuban pointed to the strong presence and support of the Dogecoin community. In his opinion, this was one of the main reasons the token has rallied in the market.
Cuban tweeted in April that Dogecoin is hugely popular with the crypto community when it comes to processing transactions, pointing out that only Ether comes close to Doge in this area.
Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
67% of retail investor CFD accounts lose money