Dogecoin, a cryptocurrency that started as a joke, is now a top five digital currency with a market value of about $ 49 billion, according to CoinGecko.
Dogecoin, created as a parody in 2013, is based on the “Doge” meme, which depicts a Shiba Inu dog. On Friday, dogecoin reached an all-time high when it exceeded 28 cents and, according to CoinGecko, traded about 38.5 cents from Friday at 11:40 a.m. EST. Dogecoin rose 400% this week.
So what does billionaire crypto-bull Mark Cuban think of the sudden boom?
“I have no idea what that means,” Cuban told CNBC Make It. “But I do know that supply and demand are unbeatable. So it will find its level.”
In March, Cuban announced that its NBA team, Dallas Mavericks, would accept dogecoin for purchases, and in the past month, Mavericks’ sales in dogecoin increased by 550%, Cuban tweeted on Tuesday.
“We have now sold over 122,000 Doge in merchandise!” Cuban said on Twitter. “We will never sell a single Doge ever.”
To understand the recent rally of dogecoin, some speculate that it is the result of the exchange of the currency Coinbase on Wednesday, which also caused the prices of bitcoin and ether to rise. Others attribute the price increases to recent tweets from Tesla CEO Elon Musk, who nodded for the popular crypto-snake phrase ‘to the moon’.
Cuban said in February that dogecoin had no intrinsic value, but he bought a few dollars worth for his 11-year-old son, Jake.
Regardless, Cubans find it ‘nice’ to invest in a dogecoin.
“If I had to choose between buying a lottery ticket and #Dogecoin … I would buy #Dogecoin,” Cuban tweeted in February. “But please do not ask me to choose between that and anything else.”
Cubans are an outspoken proponent of cryptocurrencies. He himself has a portfolio of bitcoin, Ethereum and other digital currencies and has invested in many companies in the space.
This story has been updated to add that dogecoin has risen 400% this week.
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