dailyhodl.com
Billionaire investor and Dallas Mavericks owner Mark Cuban is revealing why he continues to support Dogecoin (DOGE), the meme crypto asset.
In a new tweet, the Shark Tank star tells his 8.3 million followers he’s backing Dogecoin because people are actually using it even if it lacks clear utility and value.
“Because DOGE is the one coin that people actually use for transactions. We take many others via BitPay. But people spend their DOGE and that means more businesses will start taking it. The greatest inhibitor to its growth is that you can’t spend the DOGE you buy on Robinhood.”
In March, his NBA team, the Dallas Mavericks, became the number one user of Dogecoin in the world after completing 20,000 DOGE transactions. The sports franchise also revealed that Dogecoin sales increased 550% in a span of one month.
Cuban adds that the Mavs’ DOGE sales are on the up and up and on course to hit 6,000 Dogecoin transactions this month.
In a new interview with Ellen DeGeneres, Cuban says that although Dogecoin is seen by many as a meme crypto asset, it is now starting to have a valid use case.
“But the weird part about it: it went from being a cryptocurrency joke to now becoming something that’s a digital currency. At the Mavs, we sell a lot of merchandise for Dogecoin.”