Crypto News

Mark Cuban Outsmarts Elon Musk, Adds Dogecoin to Dallas Mavericks Balance Sheet

Yerevan (CoinChapter.com) — Mark Cuban, the owner of NBA’s Dallas Mavericks, announced that he is adding Dogecoin (DOGE), a popular meme cryptocurrency, to their balance sheets. Dogecoin’s other wealthy supporter Elon Musk is still slow on that move.

Cuban said that he plans on keeping the Dogecoin received from the merchandise sales. Interestingly, Mr. Musk, one of the most celebrated Dogecoin supporters, decided to do the same from their Tesla car sales, except the currency involved was Bitcoin, not Dogecoin.

Meanwhile, Cuban doubled down his belief in the cryptocurrency that started as a joke but became a solid performer in the retail-driven financial markets in 2020. The American billionaire entrepreneur earned more than 122k DOGE via Dallas Mavericks’ merchandise sales. At the current rate, Cuban’s DOGE holdings are now worth just $15,000. Nevertheless, he says that he would never sell one single DOGE ever.

DOGE price on the rise. Source: DOGE/USD on TradingView.com
DOGE price on the rise. Source: DOGE/USD on TradingView.com

What About Musk?

DOGE’s other wealthy enthusiast keeps tweeting about the meme cryptocurrency but is still not making a move. Musk’s tweets have been beneficial for cryptocurrency in the past and continue to promote it to new heights. For example, March 14 was apparently a “DOGE DAY” for the billionaire CEO, as he posted three tweets in a row about the token.

Lo and behold, the price rose 9% after that.

DOGE rising 9% after Musk's tweets. Source: TradingView.com
DOGE rising 9% after Musk’s tweets on March 14. Source: TradingView.com

Crazy as it might look, Dogecoin is gaining value and is now at $0.13, which is a 131 percent soar since April 8. It looks like the business magnate could put his money where his mouth is and make a move on DOGE.

Why Dogecoin?

Dogecoin started as a joke and a parody on Bitcoin back in 2013.

Since then, a lot has changed for DOGE. The token has won attractive upside bids from traders, which have helped it become the 10th largest cryptocurrency by market cap ($9.6 billion, according to coinmarketcap.com). Aside from being the goofiest crypto out there, it is also an investment opportunity. As the Mav’s owner commented:

“We have chosen to do so because sometimes, in business, you have to do things that are fun, engaging, and hopefully generate a lot of PR. So we will take Dogecoin today, tomorrow, and possibly forevermore. For those of you who would like to learn more about Dogecoin, we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it.”

It looks like Cuban made a smart move, after all, adding Dogecoin to the Mavericks’ balance sheets. Will Musk follow suit? Not certain, but it could be possible should Dogecoin continues its bullish bias.

Photo by Kobi Kadosh on Unsplash

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Lilit Chichyan

Lilit is an enthusiastic writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience. Lilit is creative and fast and has the experience of writing for both big marketing companies and small websites and blogs.

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