Mark Cuban Believes DOGE ‘Will Find Its Level’ as Supply and Demand Increases
Billionaire entrepreneur, media personality, and investor Mark Cuban has given comment in light of Friday’s Dogecoin (DOGE) price surge.
The cryptocurrency, which was initially created to parody altcoins, hit a new all-time high yesterday. Surpassing the $0.30 mark, this was attributed to a Tweet from Tesla CEO Elon Musk in support of DOGE.
This all-time high was the latest in a series over the past few days. As of Saturday April 17th, DOGE is the 8th most valuable cryptocurrency in terms of market capitalization. Data indicates its market cap is currently over $39 billion.
Social media has by no means been quiet over the continued rise of DOGE. And AXS TV chairman Mark Cuban told CNBC that the cryptocurrency “will find its level”. That while he has no idea what the sudden surge means, supply and demand is “undefeated.”
DOGE and the Dallas Mavericks
Alongside his role at AXS TV and his co-ownership of media company 2929 Entertainment, Cuban is also owner of NBA team the Dallas Mavericks. Back in March, he revealed that the team would be accepting DOGE for ticket and merchandise purchases.
On Friday, as the price surge was continuing, Cuban Tweeted that the Mavs had set a 24 hour record in merchandise sales in DOGE. In doing so, he re-emphasised a Tweet of his from earlier in the week. On Tuesday, Cuban stated that the Mavericks’ sales in DOGE had gone up by 550% over the last month.
Mark Cuban is a prominent advocate for cryptocurrencies, with a diverse portfolio. Including a growing collection of NFTs. In Feb., he said that DOGE had no intrinsic value, but bought some for his son for educational purposes, according to a report.
The Recent DOGE Demand
As stated, Elon Musk’s recent Tweet drove a considerable demand for DOGE. So much so that a spike in volumes caused an outage on the Robinhood crypto exchange on Friday.
The exchange was down for two hours before this issue was fixed. This was not the first issue Robinhood had experienced with DOGE this year. The platform restricted crypto trading earlier in the year, due to DOGE rallying.
Its growth over the last seven days put DOGE at the top of the list for altcoins to have increased the most in value. Between April 9 – 16, the meme-inspired altcoin increased by an astronomical 330.60%, strongly overshadowing Ripple (XRP) in terms of gains. XRP increased by 63.70% in the last week.