On Monday the 8th of March 2021 popular Cryptocurrency; Dogecoin, experienced a boost in its price after Shark Tank Billionaire investor; Mark Cuban, revealed that his NBA team; Dallas Mavericks, just might move its price to as high as 1 US Dollar.
The Billionaire; Mark Cuban revealed via popular social media platform; Twitter that the Dallas Mavericks have so far received more than 20,000 Dogecoins (which translates to around 1,109 US Dollars (121,602 Kenyan Shillings)), in transactions over a span of two (2) days since it made it known publicly, that it will accept Dogecoin as a mode of payment for its merchandise and tickets.
According to Mark Cuban, this has made the Dallas Mavericks the “LARGEST #DOGECOIN MERCHANT IN THE WORLD!”. He made this statement, via a post on Twitter.
After a week of relatively uneventful trading, the hashtag; #DogecoinRise was a trending topic on popular social media platform; Twitter.
The entrepreneur also stated that Dogecoin which interestingly enough was inspired by memes, will definitely get to 1 US Dollar if fans of the Dallas Mavericks purchase more 6.5 billion Dogecoins worth of merchandise. According to data from CoinDesk this would be equivalent to an estimated 5 percent of all the Dogecoin currently in circulation.
Even after the recent boost, the Cryptocurrency that is Dogecoin, still has a long way to go before hitting the coveted 1 US Dollar mark.
Dogecoin which was created in 2013 as a joke back in 2013, traded at 5.5 cents earlier this week. While that is still considered as a boost, it is far below its all time high of 8.7 cents which is hit back in February of this year 2021.
As at the time of compiling this article on the 10th of March 2021, Dogecoin stood at 5.6 cents.
The price point of Dogecoin is known to be influenced by buzz on social media platforms and the 62 year old Billionaire; Mark Cuban is not the only one who had talked about the potential of the Cryptocurrency in recent times.
World renowned software entrepreneur; John McAfee revealed that Dogecoin was involved in the federal indictment brought against him by prosecutors in the United States (US) at the beginning of March 2021, for allegedly operating two cryptocurrency scams worth 13 million US Dollars (according to an article by the New York Post – https://nypost.com/2021/03/
The prosecutors accused the software entrepreneur of making around 1 million US Dollars from the sale of his holdings of certain altcoins after artificially inflating their prices by tweeting about said altcoins.
John McAfee argues that Dogecoin recent increase in 2021 is proof that is tweet was “not a pump and dump.”
The entrepreneur via a post on Twitter said, “For a few days in 2017 I chose coins I believed had value. One of them was Doge – now being touted years later by Elon Musk.”
This was referring to Elon Musk whose own tweets can be said to have influenced the price of Dogecoin. John McAfee added that “The coin has increased well over 1000% since I chose it.”
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