By: Hellen Zaboulani
Dodgecoin is ripe for another spill, following the latest celebrity billionaire remark.
As reported by Business Insider, on Sunday, Mark Cuban revealed that he owns less than $500 worth of dogecoin, despite his public praise for the cryptocurrency and having called it the strongest medium of exchange.
The billionaire investor and “Shark Tank” star had previously publicized that the NBA team he owns, the Dallas Mavericks, is the token’s largest merchant, after it started accepting dogecoin for payment on tickets and team merchandise.
But in a Tweet posted Sunday, Cuban clarified, “The Mavs have what we sold in merch”… “I personally own $494 worth of DOGE.” The Billionare, who has an estimated net worth of $5.8 billion as per Bloomberg Billionaires Index, made the comment in response to a Twitter user who asked whether the billionaire’s portfolio includes more of dogecoin, or bitcoin. “Between the Mavs and my personal account, its less than $15k in DOGE,” he added in the Tweet on Sunday, signifying that his team hasn’t made a very large amount of merchandise sales using dogecoin.
Last week, the entrepreneur had told CNBC ‘Make It’ that dogecoin is the strongest cryptocurrency because of its community, a claim also backed by Elon Musk. “The community for doge is the strongest when it comes to using it as a medium of exchange,” Cuban had said.
Cuban thinks bitcoin is more useful as a store of value, rather than a tradeable currency, as per Business Insider. He had said in a March podcast that his crypto portfolio consists of 60 percent in bitcoin, 30 percent ether, with the remaining 10 percent in other unnamed coins.
In May, Cuban had announced on Twitter that he and his 11-year-old son owned 3,250 dogecoins, worth about $1,700 at the time, as Dogecoin had been trading at about 50 cents per coin. As of Monday, the meme-inspired token is worth about 33 cents, down a whopping 34 percent since then. Had Cuban kept those shares, his holdings would now be worth some $1,100. So, either he sold some or he isn’t including his son’s investments. Despite the recent tumble in Dogecoin’s value, the cryptocurrency is still up roughly 7,000 percent this year, as per data from Tradingview.
Asked on Twitter why he chooses to only cheer dogecoin, and not his other investments, Cuban tweeted, “I don’t pump anything other than Mavs merch,” He added, “BUT, the DOGEsphere is fun. Their memes are great. They have fun. They make fun of themselves. It’s fun to be part of.”