Dogecoin took a momentary dip as Mark Cuban tweeted that he owns less than $500 worth of DOGE. Investors are worried if this would be enough to support the community back to market growth.
The billionaire investor recently made headlines for his support on the meme-inspired token in cryptocurrency. Because of his enthusiasm, many investors hoped that Cuban would help stabilize the market and aid in the recovery of Dogecoin.
Dogecoin Investment Surge With Support from Dallas Mavericks
Last week, Cuban promoted Dogecoin as a payment option for purchasing merchandise on his NBA team, the Dallas Mavericks. Cuban later posted a follow-up tweet, saying that Mavs had become the biggest Doge merchant in the world, with more than 20,000 transactions. The internet sentiments envisioned that Dogecoin would definitely hit $1.
After the announcement, Dogecoin surged by a nine percent growth to a $.29 value from its initial $.2 value.
Mark Cuban Tweets Dogecoin
Since that development, fans went to investigate Cuban's Dogecoin investments. User Joel Heyman asked if hypothetically it was possible to hyperinflate dollar and Doge depending on the number of net buyers in the market.
Cuban replied that market supply and demand remain undefeated. Notably, Cuban also dropped the statement, "But with DOGE you can spend $1 to own 333 DOGE and have fun as part of a fun community."
Joel. that applies to everything. Supply and demand is undefeated. But with DOGE you can spend $1 to own 333 DOGE and have fun as part of a fun community. The BTC maxis experience and do the same thing. They just have a different kind of fun. They like to yell at people https://t.co/Hy5bh5GNHl
— Mark Cuban (@mcuban) August 15, 2021
A different user, Grand Sacamone, later inquired about Cuban's Doge and BTC holding on his personal investment portfolio. The internet was taken by surprise when Cuban replied that he personally owned only "$494 worth of DOGE."
According to Market Insider, Cuban's crypto portfolio consists of 60 percent Bitcoin, 30 percent Ether and 10 percent unnamed coins. Therefore, Cuban's investment in Dogecoin is significantly smaller compared to his other fortunes.
Cuban later tweeted that "The DOGE community was strong long before I got involved with it." He emphasized that the community is responsible for the crypto coin's appeal and market value, which later led him to accept it for Mavs transactions.
Cuban also tweeted that "between the Mavs and my personal account, its let than $15k in DOGE." This implies that his support and investment in Dogecoin were directly linked through his Mavs franchise.
Is Dogecoin a Good Investment?
Earlier this year, Cuban said he and his son owns 3,250 Dogecoins, approximately $1700 at that time. However, with the current price of Dogecoin at $.28 with a down 9.52 percent trend (according to CoinDesk), their holdings would be less than $1000.
In conclusion, Cuban's support is not directly linked to his ongoing investments. Cuban continues to promote Dogecoin as one of the best cryptocurrency transactions for today's market. However, his sizable income comes from his investments in stocks from Amazon and Netflix, sales from Mavericks, and even trades from Bitcoin and Ether.
Lastly, Cuban tweeted, "I don't pump anything other than Mavs merch. BUT, the DOGEsphere is fun. Their memes are great. They have fun. They make fun of themselves. It's fun to be part of."
I don’t pump anything other than Mavs merch. BUT, the DOGEsphere is fun. Their memes are great. They have fun. They make fun of themselves. It’s fun to be part of. https://t.co/wi6I49yMnL
— Mark Cuban (@mcuban) August 15, 2021
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