Mark Cuban said Monday that Dogecoin is “not a bad look” for cryptocurrencies, even though many in the industry expressed anguish over Tesla Inc TSLA CEO Elon Musk's frequent tweets related to the joke cryptocurrency.
What Happened: Cuban made the comment in response to a question fielded by a Forbes reporter.
“Dogecoin is less than a dime, You can buy $1 worth or $10 worth [and] have fun watching it all day every day,” said Cuban.
The Dallas Mavericks owner revealed that he had purchased “a few dollars worth” of Dogecoin for his son.
“We watch it and discuss all [its] price movements and why they occur. It’s fun, it’s exciting and educational for him.”
Why It Matters: There was concern among many that Musk's frequent comments on DOGE are causing damage to the cryptocurrency industry.
Cuban admitted that Dogecoin has no intrinsic value but said it gives you a “better chance of winning than a lottery ticket.”
The investor said Dogecoin could teach the economics of supply and demand and introduce people to “crypto assets.”
Musk has been frequently tweeting about Dogecoin over the last few days, which resulted in a frenzy that pushed the cryptocurrency’s price to an all-time high on Sunday of $0.84.
DOGE traded 7.01% higher at $0.0802 at press time. The coin has skyrocketed 141.65% over a trailing seven-day period.
BTC traded 18.77% higher at $45,807.70 at press-time. The cryptocurrency surpassed the $45,000 mark for the first time on Monday, running up as high as $47,584.10 in a brief period.
Grayscale Bitcoin Trust GBTC closed 20.62% higher at $45.69 on Monday.
Related Link: What Do The Pros Think About Tesla's Bitcoin Investment?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.