In 2021, Dogecoin’s relevance increased significantly after Mark Cuban declared that the Dallas Mavericks would recognize it as payment. If you had invested $1,000 in Dogecoin (DOGE) at that time, what would be its value now?
DOGE is renowned for its erratic nature, and its price frequently fluctuates based on its social significance. As a result, figures such as Mark Cuban and Tesla’s founder, Elon Musk, have played a significant role in its development. However, what would your investment be worth if you entered the market during a period when the cryptocurrency was in high social demand?
DOGE Goes to Dallas
In March 2021, Mark Cuban disclosed that the Dallas Mavericks, his NBA franchise, would receive Dogecoin as payment. They would allow cryptocurrency to be used for buying tickets and products sold at the stadium.
This was a significant event for meme coins and DOGE’s relevance in mainstream culture. BitPay made the move feasible by recognizing the NBA team’s interest in embracing cryptocurrency. At the time, CEO Stephen Pair stated, “The Dallas Mavericks have been an admirer of cryptocurrency for a long time, and this has opened up new possibilities for the squad to sell tickets and merchandise to its global MFFL supporters.” Cuban expressed similar sentiments. He stated, “For one essential, earth-shattering reason, the Mavericks have chosen to accept Dogecoin as a form of payment for Mavs tickets and merchandise: because we can!”
As a result, during the first month, the team reported $122,000 in Dogecoin transactions and allegedly established a variety of 24-hour records after the announcement. The team went on to offer a free $25 gift card to those who used the meme coin for merchandise purchases exceeding $150 in August 2021, demonstrating their ongoing support for Dogecoin.
How About Today?
It’s no surprise that the value of the meme coin reacted to the news. On the day of the Mavericks’ announcement, Dogecoin hit a high of $0.05109. As a result, a $1,000 investment in Dogecoin would have purchased 19,572.30 DOGE. Currently, the price of DOGE is $0.0683, having only increased since the announcement. As a result, if you invested $1,000 in Dogecoin in 2021, you would now have $1,336.86, which is a 33.7% return in just two years. Alternatively, Dogecoin reached its all-time high of $0.7375 in May 2021. Thus, if you were to sell after waiting only a few months from the time of purchase, your $1,000 investment would be worth $14,435.31 in May, producing a return of 1,343.5%.
