Billionaire investor and owner of the Dallas Mavericks, Mark Cuban, stunned crypto Twitter by claiming he holds just $500 worth of Dogecoin.
https://twitter.com/mcuban/status/1426978389982949379
Cuban is a significant proponent and vocal supporter of the controversial meme token. So much so, many naturally assume he is a DOGE whale.
But, regardless of “propping up” Dogecoin, most famously by accepting DOGE as payment for Mavs tickets and merch, his personal DOGE holdings make up just a tiny proportion of his overall net worth. Which, according to Forbes, currently comes in at $4.4 billion.
Cuban Claims He’s No Dogecoin Whale
The surprising revelation came about during a Twitter thread where Cuban discussed the viability of investing in Dogecoin.
Replying to actor Joel Heyman, best known for his role in the science fiction series Red vs. Blue, Cuban said investing in DOGE makes you part of a fun community. He also took the opportunity to hit out at Bitcoin maxis in the same tweet.
“Joel. that applies to everything. Supply and demand is undefeated. But with DOGE you can spend $1 to own 333 DOGE and have fun as part of a fun community. The BTC maxis experience and do the same thing. They just have a different kind of fun. They like to yell at people.”
With the DOGE price around $0.33, it’s likely Cuban made a typo by omitting the decimal point in “333 DOGE,” intending to write 3.33.
A Twitter user by the handle @Sacamonnai dived in by asking Cuban whether he holds more BTC or DOGE. Cuban then responded by dropping the unexpected bombshell that he personally holds less than $500 in Dogecoin.
The Community Reacts
The community response to this disclosure encompasses the full spectrum of emotions. But overall, there is a general sense of shock at the claim.
One user pointed out the paradox of pushing the Dogecoin narrative while having virtually zero exposure. This, he added, is even more unbelievable considering both Cuban, and fellow billionaire Dogecoin supporter Elon Musk, have a loyal, and arguably impressionable, following.
“Hahahahahahhahaha. There’s people that put a large percentage of their life savings into doge because of people like you and Elon and then you come out and say you owe 400 bucks worth lmao what a world.”
Another user implied Cuban had understated his holdings as a strategy to keep the SEC from prying into his personal affairs. In any case, it isn’t a big deal considering Cuban’s status and wealth means he doesn’t act per the behaviors of everyday people.
He can get in trouble with the SEC if he holds too much doge and talk about it all the time. He is also a billionaire and does not need more money. Mark appears to be addicted to winning and not money at this point in his life. he is a fan of doge coin, simple as that.
— Tommy Mustache ❤️❤️❤️ (@MustacheTommy) August 16, 2021
Some speculate Elon Musk has (so far) escaped SEC investigation over his infamous market-moving Dogecoin tweets because the organization never paid him.
Being paid to promote a cryptocurrency has vastly different connotations versus someone who (seemingly) has no direct financial motivation to do so.
Musk admits holding a large, yet undisclosed, sum of Dogecoin.
Source: DOGEUSDT on TradingView.com