If You Bought $1K in Dogecoin When Mark Cuban's Mavericks Got In, Here's How Much You'd Have Now

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Billionaire Mark Cuban is known for his bold ventures, especially in the world of sports and entertainment. The owner of the Dallas Mavericks has a knack for recognizing trends and opportunities that others might miss.

One of Cuban’s more surprising moves was his decision to start accepting Dogecoin (DOGE) as payment for his basketball team. The move came at a time when cryptocurrency was still struggling to gain widespread adoption.

But Cuban, who is believed to have a net worth of about $5.7 billion as of October 9, 2024, according to Forbes, saw something in DOGE that others didn’t. The meme coin, which was launched in 2013 with the image of a Shiba Inu dog named Kabosu as its logo, had quickly become one of the most popular cryptocurrencies.

“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth-shattering reason, because we can! … We have chosen to do so because sometimes in business you have to do things that are fun, engaging, and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow, and possibly forever more …,” Cuban said at the time.

As per Benzinga, the Mavericks saw $122,000 in Dogecoin sales over its first month and the team even set multiple 24-hour records with strong demand for using the meme coin towards merchandise.

So, if you had decided to jump on the DOGE bandwagon three years ago, how much would you have today?

Let’s do the math. Dogecoin hit a high of $0.05109 on March 4, 2021, when the Mavericks started accepting it as payment. An investment of $1,000 at the time could have purchased 19,573.30 Dogecoin.

Based on today’s price of DOGE at about $0.108611 per coin, a $1,000 investment in Dogecoin today will get you only 9,207.17 Dogecoin. Considering the price of DOGE has roughly doubled since then, you’d get 53% fewer coins today.

However, if you invested the same $1,000 in Dogecoin on March 4, 2021, it would be worth $2,125.90 today. This represents an impressive 112.59% gain over the last three and a half years.

Not bad for a day’s work, right? Of course, past performance is not indicative of future results and the value of any investment can fluctuate. But if you’re looking for a fun and potentially rewarding way to invest, following in the footsteps of billionaires like Cuban could be a good place to start.

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