Dogecoin Price Jumps On Mark Cuban’s Mavericks Meme Coin Revelation
Dogecoin, the meme-inspired cryptocurrency, has seen a price surge following a revelation by Mark Cuban, owner of the Dallas Mavericks. The Mavericks have been accepting Dogecoin as a payment method, a move that has sparked discussions about the potential growth of the cryptocurrency in 2024.
Cuban confirmed the Mavericks’ ongoing acceptance of Dogecoin during an impromptu Ask Me Anything (AMA) session on the social media platform X, where he has nearly 9 million followers. When asked, “Do the Mavs still accept Dogecoin?” Cuban simply responded, “Yes”.
Let’s do an AMA. Fire away.
— Mark Cuban (@mcuban) January 29, 2024
The Dallas Mavericks have been at the forefront of crypto acceptance in the sports industry. Their forward-thinking approach began in 2019 when they embraced Bitcoin as a payment method. However, it was their decision to integrate Dogecoin that truly captured the attention of the crypto community. By allowing “Mavs Fans for Life” (MFFLs) to use Dogecoin for purchasing game tickets and merchandise online, the Mavericks have expanded accessibility to their gear.
Turning to Dogecoin’s price performance, the cryptocurrency is currently trading at approximately $0.08, showing a 24-hour increase of nearly 4%. Its weekly performance shows a modest uptick of 0.9%, but its 30-day performance reveals a decline of 10%. Despite this, over the last 180 days, DOGE has experienced a steady increase of nearly 3%, indicating a resilient presence in the market. The all-time high for Dogecoin stands at an impressive $0.73 in May 2021, underscoring its inherent price volatility.
Dogecoin’s price is significantly affected by discussions on online forums and social media platforms. The coin has an active community of supporters who promote it on social media, leading to increased hype and potential price spikes. High-profile endorsements, such as those from Elon Musk, have also led to sharp price increases. Positive news, such as new partnerships or listings on major exchanges, can boost the price of Dogecoin. Conversely, negative news, such as security breaches or regulatory concerns, can lead to a decline in price.
Digging deeper into the numbers, Dogecoin’s circulating market cap sits at a substantial $11 billion. Moreover, its price-to-fully diluted ratio (P/F ratio) has surged to a staggering 6,208.30x, representing a remarkable increase of 175%. This metric highlights the potential growth of Dogecoin.
As Dogecoin gains further traction through the Dallas Mavericks’ ongoing acceptance and its surging popularity in the Indian market, the meme coin appears to be on the cusp of new and exciting possibilities. This integration has sparked discussions about the potential growth of Dogecoin in 2024.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information