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Dallas Mavericks resort to HoDLling Dogecoins as it touches a market cap of $18 billion

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  • The Dallas Mavericks NBA team, whose CEO is American billionaire investor Mark Cuban, supported Doge by allowing fans to buy merchandise with it.
  • It has now raked in a massive amount of the meme-coin and has decided to hold on to it.
  • What Elon Musk did to Bitcoin, Cuban has done it with Dogecoin.

Cryptocurrencies are reaching milestones by the week. Dogecoin, which was started as a joke by combining a popular meme and blockchains, is now the 10th largest crypto with a market cap of just over $18 billion. This is all thanks to Elon Musk and Mark Cuban’s two prominent personalities. But recent events seem to show that Cuban has outwitted his Tesla counterpart in the Doge arena.

The marketing push for Doge

Elon Musk is highly vocal in voicing his support for cryptocurrencies, especially Bitcoins and Dogecoins. At one point in time, he went as far as to change his Twitter bio to “CEO of Dogecoin”. But his company took no concrete action concerning the meme-based token.

On the other hand, Mark Cuban had opened up the Dallas Mavericks’ financial gates by allowing fans to acquire merchandise and tickets with Doge. Over the past week, the token has jumped a whopping 100% to $0.11, a first of sorts in the crypto realm. This can be attributed to the market push leading to a frenzy of Dogecoin sales by both Elon and Mark. Mark also stated that Maverick’s Doge sales had soared over 550% in the last 30 days alone, to sum up to a total of 122,000 Dogecoins in the firm’s treasury.

Strategy of HoDLing

Mark tweeted that he will not sell Dogecoins in the future at all, seemingly hoping for a significant rise in the token’s price in the years to come. But he also acknowledged that doing so would gain a lot of positive and crucial PR for the team. This is especially evident from the fact that Mark’s tweets involving Doge have seen about 14,000 additional comments, likes and retweets. Even though sales from Dogecoins work out to be a mere $15,000, the marketing element is what gives it a high magnetism.

It needs to be seen if Tesla CEO Elon Musk gets in on the action surrounding Dogecoins in the near future.

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