Mark Cuban, owner of the Dallas Mavericks, believes the price of Dogecoin (DOGE) will soon reach $1 after just three days of accepting it as a form of payment.
Cuban said the Dallas Mavericks were now the “largest Dogecoin merchant in the world” in a Saturday tweet, saying people had used more than 20,000 Dogecoin — nearly $1,018 at the time of publishing — in transactions for the Dallas Mavericks. If basketball fans bought 6,556,000,000 DOGE worth of Mavericks merchandise, the token’s price will “definitely hit $1,” according to the billionaire.
The Mavericks were one of the first NBA teams to adopt bitcoin as a means of payment for tickets and merchandise, having begun accepting Bitcoin (BTC) two years ago via wallet provider BitPay. Fans of the Mavericks can also use Bitcoin Cash (BCH), USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and Binance USD to purchase merchandise and souvenirs (BUSD).
According to cointelegraph.com, DOGE has risen in value in recent months, despite its development as a joke, as billionaires such as Cuban and Tesla CEO Elon Musk have discussed the token on social media. Musk’s tweets have likely contributed to the price of the token rising from $0.01 in January to an all-time high of $0.078. The DOGE price is $0.0509 at the time of writing, which means the token will have to rise 1,864 percent to hit $1.
DOGE was previously described by the Dallas Mavericks owner as an “economics teaching tool” and the “best entertainment bang for your buck available” on the crypto market. Despite the increase in DOGE payments for the basketball team, Cuban said he’s only “having fun” with the token and hasn’t changed his mind about it.