Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin.
A week ago Cuban was in the news after announcing that the Mavericks would accept the meme token as payment on merchandise and tickets. Just two days later he provided an update on how things are going.
Cuban announced on Twitter that customers had already used more than 20,000 Dogecoin in transactions. That is worth more than $1,000 and Cuban further claimed that the Mavericks were “the largest Dogecoin merchant in the world.”
The Mavs owner went further on the future of DOGE in his tweet. “We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!”
That is an extremely high target to reach however. That amount of Dogecoin would be equivalent to nearly $330 million of Mavericks merchandise. Cuban’s remarks did seem to generate some amount of FOMO throughout the industry.
The meme token has been on the rise since the announcement. Over the past 24 hours its price has surged by 17%, hitting a new monthly high of $0.060.
Dogecoin Primed For A Major Uptick
Moving forward, Dogecoin seems primed for a major uptick. Its network has expended drastically over the past few weeks. The number of new addresses created on its blockchain fell to a low of 34,700 at the end of February. Since then however, there has been an increase of 73% to nearly 60,000 new addresses per day.
This expansion can be views as an optimistic signal for the token as it indicates a spike in user adoption over time. This metric is often regarded as one of the most accurate price predictions. The hope is that Doge’s price will follow suit with the rise addresses.
In order to see that advance however, Dogecoin must close above the $0.058 resistance barrier.