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Much wow! Dallas Mavericks fans bought $122,000 of merch using Dogecoin

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The billionaire owner of the Dallas Mavericks, Mark Cuban, tweeted his team had sold more than $122,000 worth of merch paid for in Dogecoin (DOGE). He added he intends to keep every token earned.

Given the hazy use case of DOGE and its infinite supply, this turn of events has raised a few eyebrows. Reading between the lines, has it come to the point where billionaire altruism is propping up the market?

Dogecoin is the people’s coin, not Bitcoin

Dogecoin was created in 2013 by Billy Markus and Jackson Palmer as a light-hearted way to poke fun at an industry that takes itself way too seriously.

But what started out as a joke has turned into something quite serious. Especially so during Q1 when the r/wallstreetbets saga took off. Members of this subreddit had taken it upon themselves to bloody the nose of hedge funds shorting Gamestop and AMC Cinema stock.

Looking for the next Gamestop, prominent figures in that movement selected Dogecoin as their crypto choice for a price pump. And it worked.

Dogecoin started 2021 priced at $0.005 and ended Q1 2021 priced at $0.054 – a 980% increase. It spiked as high as $0.10 during the fervor’s height in late January.

Q1 data from research firm Messari showed Dogecoin had significantly outperformed all other cryptocurrencies in the sample, including big players such as Bitcoin, Litecoin, and XRP.

Dogecoin is top performing crypto of Q1 2021

Source: @MessariCrypto on Twitter.com

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