Is Dogecoin a joke? Yes. Is it the best investment in the world? No. But it is at least better than a lottery ticket, in the opinion of billionaire Mark Cuban. In an appearance on “The Ellen DeGeneres Show”, NBA team owner Dallas Mavericks said the rise of the “meme” digital currency is the “craziest story ever” and tried to answer questions about the token represented by a smiling Shiba Inu. “In general, when someone brings you dogecoin and asks if it’s a good investment, I’d say it’s not the best investment in the world, but it's much better than a lottery ticket, and it's a great way to learn and start understanding cryptocurrencies, ”said Cuban. “And you know what? You can go up. And the second part is that if it doesn't go up and you want to spend it, you can buy merchandise at the Mavericks store. ”Cuban highly praises Dogecoin's entertainment and educational value. In March, he announced that Mavericks fans could buy tickets and merchandise using it. The team also accepts Bitcoin, Ethereum and other cryptocurrencies.
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After starting as a joke between two programmers – a parody of a cryptocurrency that should be worthless – Dogecoin's market capitalization now stands at around $ 35 billion, down from more than $ 50 billion earlier this month. For its critics, it trivializes investment and creates risks that can harm investors swept away by the hype. Experienced Mike Novogratz, for example, is not a fan. However, Dogecoin's price has risen in the past year, driven by memes on the internet and even some encouragement from big names like Elon Musk. The cryptocurrency currently trades at less than 30 cents each – Bitcoin is around $ 55,000. Also read: Dogecoin developer dies after battle with cancer