Dogecoin might have started out as a meme, but it’s turning into a real digital currency, making it a much better investment than buying a lottery ticket. At least that’s Dallas Mavericks owner Mark Cuban’s opinion on the matter.
During his appearance on the Ellen Degeneres Show on Tuesday, Mark Cuban showed real excitement about dogecoin, looking back on how it was first created as a joke, and how it’s “the craziest story ever” that it’s now turning into a real digital currency.
Although Cuban doesn’t consider it to be the best investment one can make, he says the chances of you profiting from buying Dogecoin are greater than if you buy a lottery ticket.
“I wouldn’t say [DOGE is] the world’s best investment, but it’s a whole lot better than a lottery ticket,” said Cuban on Ellen’s show. “It’s a great way to learn and start understanding cryptocurrencies.”
The owner of the Dallas Mavericks listed the store’s popularity after accepting the token in March, recommending that DeGeneres “look at it for The Ellen Shop,” suggesting that the store “could sell a whole lot of stuff for Dogecoin.”
If more people use DOGE to buy Dallas Mavericks merchandise, the price of the token could reach $1, according to Cuban.
The basketball team has officially accepted 122,000 DOGE (roughly $32,757 at the time of publication) as of April 13, with revenues up 550 percent in the previous month.
Despite gains of more than 14,000 percent in a year, Dogecoin’s price has dropped below $0.30 after hitting an all-time high of more than $0.40 earlier this month.
The estimated 1.5 million viewers of Ellen’s show in March could theoretically push this price up if even a fraction of them displayed the same enthusiasm for the token as Cuban did by buying DOGE.
“Bitcoin is like a digital version of gold, Ethereum is a digital version of a currency and then you got Dogecoin, which is just fun,”
Cuban said when DeGeneres asked him for his views on investing in cryptocurrencies.
