Billionaires Mark Cuban and Elon Musk Love Dogecoin

Self-proclaimed “Dogefather” Elon Musk isn't the only billionaire singing praises for dogecoin. Famous entrepreneur and investor Mark Cuban is also on the cryptocurrency's bandwagon.

Cuban’s Dallas Mavericks NBA team has been accepting dogecoin for merchandise sales since Mar. 2021. On Mar. 6, the organization already had more than 20,000 in dogecoin transactions, prompting Cuban to claim it was the "largest dogecoin merchant in the world" on Twitter.

Last week, Cuban announced on Twitter that the Mavericks would offer special pricing during their summer merchandise sale for customers who pay with dogecoin.

“The point about DOGE that people miss is that DOGE's imperfections and simplicity are its greatest strengths. You can only use it to do 2 things: Spend It or HODL It. Both are easy to understand. And it's cheap to buy. Which makes it a community anyone can join and enjoy,” Cuban tweeted on Aug. 15.

When CNBC reported last week about Cuban’s infatuation with dogecoin and how he thinks it’s the "strongest” crypto available as a medium of exchange, Musk’s reply was basically "tell me something I don’t already know."

“I’ve been saying this for a while,” Musk tweeted.

Musk has been a longtime fan of the meme-inspired crypto. His myriad tweets in support of dogecoin he made in Apr. 2021 before his appearance on Saturday Night Live caused the crypto’s price to skyrocket to a high of over 73 cents.

Musk also polled his Twitter followers in Feb. 2021 on what they would choose as “the future currency of Earth.” Dogecoin came out the clear winner, with over 71 percent of those who voted.

Dogecoin gets its name from the “Doge” meme, which depicts a Shiba Inu dog. Started in 2013 as a joke, it's now the seventh-largest digital coin in the crypto market and has a total market value of about $42 million, according to CoinGecko.

With support from Musk and Cuban, DOGE has gained over 9,262 percent within the last year. However, analysts aren’t sold on dogecoin, which can be pretty volatile. After reaching 73 cents in May following Musk’s supportive tweets, the coin fell to a low of about 16 cents in July. It’s bounced back since then and, on Aug. 16, was priced at almost 34 cents.

Musk reportedly has been working with dogecoin developers to improve the system's transaction efficiency.

While the two billionaire investors show their support for the meme coin, they agree that it’s more fun than anything.

“Fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency,” Musk told TMZ in May.

“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,” Cuban tweeted Aug. 15.