Billionaire crypto investor Mark Cuban further boosted his holdings on Dogecoin even with its precarious standing as of late.
Cuban had always been an ardent supporter of the meme cryptocurrency and has been identified as one of the prominent celebrities influencing people to invest in the token.
But as The Motley Fool revealed, Cuban never considered Dogecoin as a "serious" addition to his portfolio, telling Fox Business that he "never told anybody it's a great investment." He said he bought Doge for his son in January because he sees it as an educational and fun way to know more about investing.
Mark Cuban Buys More Doge For Fun
Now, Cuban said he has bought more Dogecoin for the same reason, "a little bit more for fun," increasing his holdings from $500 to $1,500, The Motley Fool further stated. While it is not really substantial, considering how the Shark Tank judge revealed in March spending $50,000 on early-stage coins,it is still a massive support for the meme coin.
In the Fox Business interview, Cuban distinguished the leading crypto Bitcoin from Dogecoin, stressing that not too many people use Bitcoin as a payment option because "it is an appreciable asset." For him, Bitcoin is considered as a store of value, with investors waiting for prices to increase.
Dogecoin, on the other hand, is being used a medium of exchange. Fans of his NBA team, the Dallas Mavericks, have been purchasing club tickets and merchandise using Dogecoin since Cuban started accepting it earlier this year.
Cuban said the Mavs sell these items by the thousands of dollars each month in the offseason, and when the 2021-22 NBA season gets underway, he expects it to happen per week. Why is this so? Cuban reasoned that Dogecoin is easy to use, and that it does not appreciate too much, making investors want to hold it forever. In August, Cuban said Dogecoin is "the people's way to pay."
Turbulent Year For Dogecoin
Dogecoin, which began in 2013 as a joke token, had quite a turbulent year. From standing at $0.01 in January, Doge value zoomed up to reach an all-time high of about $0.74 in May.
And as traders and expert forecasted Dogecoin to hit a milestone of $1, its price started plummeting. As of this writing, Dogecoin dropped 0.57 percent to $0.22 in the last 24 hours on Tuesday, as per Coindesk.
Dogecoin is often viewed as a trendy token younger generations use, attracting such names as Cuban and Tesla CEO Elon Musk--who also revealed personal investments in the meme coin.
But many doubters have expressed concern. Coinshare chief strategy officer Meltem Demirors said he sees the fascination with Dogecoin as speculative and a bubble. MicroStrategy Co-Founder and CEO Michael Saylor, for his part, warned that people should be extremely cautious when investing, as it has a "temporary role," per CryptoPotato.