Dogecoin (CCC:DOGE) is getting another boost from its celebrity supporters, with DOGE gaining 10% in the last 24 hours. As DOGE hangs out in the spotlight, what does this support mean for Dogecoin price predictions? And what else do you need to know?
The heart of the Dogecoin story is that retail investors and celebrities are working to make a meme cryptocurrency into something more meaningful. Ever since a Reddit rally, hopes are high that DOGE can one day hit $1. Currently trading for under 6 cents, that dream feels a little far off.
However, Redditors and retail investors are not working alone. Elon Musk, Gene Simmons and Snoop Dogg are all on board the DOGE train. And for bulls, the latest celebrity to join the #DogecoinRise buzz brings big promise.
On Thursday, legendary investor and Mavericks owner Mark Cuban announced that the NBA team will accept Dogecoin as payment for tickets and merchandise. InvestorPlace contributor William White recognized the potential there. In fact, he said the move by Cuban could help bring DOGE out of meme status. Then, Cuban took it up a notch.
Two days after the initial news, Cuban announced via Twitter (NYSE:TWTR) that the Mavericks were the largest Dogecoin merchant in the world. The move Cuban said would make his business fun and engaging could also be a big piece to bullish Dogecoin price predictions. Can the Mavericks and the #DogecoinRise movement get DOGE to $1?
The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!🚀🚀🚀
— Mark Cuban (@mcuban) March 6, 2021
Granted, Cuban acknowledges that Dogecoin is far from a sure bet. Another tweet likens DOGE to fantasy sports for crypto, and says it is fun to play with.
Dogecoin Price Predictions: Can the Mavs Take Doge Higher?
So what does the latest DOGE news mean for Dogecoin price predictions?
Perhaps there are two takeaways. The first comes back to Cuban and the Mavericks. Although Cuban himself recognizes the speculative nature of DOGE, his endorsement via the Mavericks is a big deal. It could potentially lead the way for other businesses to do the same. And, for other crypto fans, it could be the push needed to dive in and bet on a popular altcoin. Plus, Cuban says $1 is definitely on the table of his fans keep up their support.
The second takeaway is that Cuban is far from alone. Musk, not one to be one-upped, tweeted that “Doge spelled backward is Egod.”
Whether you purchase your next NBA merch with DOGE or see it as a religion, many influential figures are betting on $1. Keep this story on your radar, at least for the memes.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.