Dogecoin, a cryptocurrency that started as a joke, is now one of the top five digital currencies with a market value of about $ 49 billion, according to CoinGecko.
Created as a parody in 2013, dogecoin is based on the “Doge” meme, which depicts a Shiba Inu dog. On Friday, the dogecoin reached an all-time high when it exceeded 28 cents and traded around 38.5 cents starting Friday at 11:40 a.m. EST, according to CoinGecko. Dogecoin was up 400% this week.
So what does billionaire Bull Cuban Mark Bullan think about the sudden rise?
“I have no idea what that means,” Cuban told CNBC Make It. “But I know that supply and demand are undefeated. So it will find its level.”
In March, the Cuban announced that his NBA team, the Dallas Mavericks, will accept dogecoin for purchases, and in the last month, Mavericks’ sales in dogecoin have increased by 550%, Cubans posted on Twitter Tuesday.
“Now I have sold more than 122k Doge in merchandise!” Cuban said on Twitter. “We will never sell a single Doge ever.”
To understand the recent rally of the dogecoin, some speculate that it is a result of the Coinbase cryptocurrency exchange published on Wednesday, which also led to an increase in bitcoin and ether prices. Others attribute the rise in price to Tesla CEO Elon Musk’s recent tweets, which nod to the famous crypto-slang phrase “to the moon.”
The Cuban said in February that the dogecoin has no intrinsic value, but “bought a few dollars” for his 11-year-old son, Jake.
Regardless, the Cuban considers investing in dogecoin to be “fun”.
“If I had to choose between buying a lottery ticket and #Dogecoin … I would buy #Dogecoin,” the Cuban said. posted on Twitter in February. “But please don’t ask me to choose between her and anything else.”
Cubanez is an open supporter of cryptocurrencies. He himself has a portfolio of bitcoin, Ethereum and other digital currencies and has invested in many companies in space.
This story has been updated to add that the dogecoin has accumulated 400% this week.
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