Dogecoin price will need to increase by more than 1,800% to reach $ 1, which Mark Cuban thinks will happen after fans of the Dallas Mavericks basketball team spent more than 6 billion DOGE to buy merchandise.
After just three days of accepting Dogecoin (DOGE) as a form of payment, Dallas Mavericks owner Mark Cuban predicts the price of the token will eventually reach $ 1.
In a tweet on Saturday (March 6), Cuban said customers used more than 20,000 DOGE – about $ 1,018 at the time of publication – in transactions for the Dallas Mavericks.
He also stated that the Dallas Mavericks is currently “the biggest Dogecoin store in the world” and that if basketball fans buy Mavericks goods worth 6,556,000,000 DOGE, the price of the token “will reach $ 1”.
“Dallas Mavericks has executed over 20,000 Dogecoins in transactions, making us THE LARGEST DOGECOIN STORE IN THE WORLD! We thank all of you and can only say that if we sell an additional 6,556,000,000 DOGECOIN of Mavs merchandise, Dogecoin will reach $1”.
Mavericks was one of the first NBA franchises to recognize cryptocurrency as a form of payment for tickets and merchandise, accepting Bitcoin (BTC) through wallet company BitPay two years ago. Mavericks fans can also pay for equipment and souvenirs with Bitcoin Cash (BCH), USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and Binance USD (BUSD).
Despite being created as a joke, DOGE has soared in the past few months as billionaires like Cuban and Tesla CEO Elon Musk mentioned it on social media. Musk’s tweets may have contributed to the DOGE price rise from $ 0.01 in January to an all-time high of $ 0.078. At the time of publishing, DOGE is currently trading at $ 0.0515, which means it will need a 1.864% increase to reach $ 1.
The owner of Dallas Mavericks has previously described DOGE as an “economic teaching tool”, saying that the token is “the best entertaining engine for your money out there” in the crypto market. Even as DOGE payments skyrocketed for the basketball franchise, Cuban was happy and didn’t change his opinion on the token.