Mark Cuban has been a big supporter of cryptocurrency, especially when it comes to Dogecoin (DOGE), but recently admitted he owns very little of it.
Mark Cuban, billionaire NBA team owner, businessman, and TV host is getting some flack on social media after admitting in a recent post that he owns just $494 of Dogecoin. The reason this is surprising to many is that Cuban has been touting the meme coin for months and seemingly encourages his followers to invest in it as well.
Cuban even recently backed a statement by Elon Musk that Dogecoin is the strongest cryptocurrency as a medium of exchange, according to CNBC News. The businessman said specifically that, “It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange.” He tweeted a similar statement back in April.
Cuban also accepts DOGE as an option to buy merchandise at the Dallas Mavericks Team Store, the NBA team that Cuban owns. Cuban also announced last week that the team will offer discounted pricing for those who pay with DOGE during its annual summer sale.
Cuban was asked Sunday about whether he owns more DOGE or BTC by a user on Twitter. The Shark Tank co-host respond by saying, “The Mavs have what we sold in merch. I personally own $494 worth of DOGE.” He added in a separate response that “between the Mavs and my personal account, its less than $15,000 in DOGE.”
Celebrities pumping crypto
After tweeting that his doge account has less than $500 in it, many respond with negativity and accused Cuban of pumping the price of the meme coin. Elon Musk as well has been often accused of pumping up the price of DOGE and to perhaps a larger extent, bitcoin.
In response to the comments, Cuban tweeted “I don’t pump anything other than Mavs merch.” he adds “But, the DOGEsphere is fun. Their memes are great. They have fun, They make fun of themselves. It’s fun to be part of.” Though, some argue he is not part of it at all with such a minimal investment.
Elon Musk has been accused of the same type of behavior from many on social media after what they perceive as his manipulation of the market. Be it his announcement that Tesla would accept BTC that sent the price skyrocketing, to later receding that promise only to see the market crash. Musk also pumped Dogecoin in the lead up to his SNL appearance and the price hit new all-time highs. Shortly after, however, the bottom dropped out and the price has yet to fully recover. In response to being asked about his role in pumping markets, Musk simply said “I may pump, but I don’t dump.”
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