Billionaire entrepreneur and TV personality Mark Cuban is a well-known supporter of Dogecoin (DOGE/USD). Over the years, he has shared his positive views about this meme cryptocurrency on social media.

Back in January 2022, Cuban made a bold statement on X. He claimed that DOGE had more practical use for transactions than Bitcoin (BTC/USD), the largest cryptocurrency out there.

He said, “If you think you should HODL BTC because it is the future, why would you ever spend it?” This was his response to those who highlighted Bitcoin's advantages in fast and secure transactions.

Cuban went on to explain, “With DOGE, you are buying into a community that is fun. If it goes up in value, there are lots of places to spend it, and it’s like getting a discount.” He even referred to DOGE as a “non-perishable lottery ticket,” emphasizing both its speculative nature and its usefulness.

Data from November showed Bitcoin's dominance as a transaction medium. It accounted for nearly 28% of all transactions on the platform. In contrast, DOGE only made up about 5.52%, according to BitPay, the largest crypto payment service provider.

At the time Cuban shared his thoughts, DOGE was priced at $0.153689. If you had invested $1,000, you would have ended up with 6,506.64 units of DOGE. Today, with DOGE valued at $0.3247, that investment would be worth around $2,112.70. That’s a return of 111%!

Importantly, Cuban has put his money where his mouth is. During his ownership of the Dallas Mavericks, he accepted Dogecoin for tickets and merchandise. In a recent AMA session, he confirmed that the Mavericks still accept this meme coin.

However, as of now, Cuban does not hold any DOGE in his cryptocurrency portfolio, according to Arkham Intelligence. He has expressed skepticism about investing in meme coins, calling them a “game of musical chairs with money.”

As it stands, DOGE is trading at $0.3247, down 2.08% in the last 24 hours, according to Benzinga Pro. Meanwhile, shares of MicroStrategy fell by 8.78% to $332.23 during Monday’s regular session but saw a slight increase of 1.35% in pre-market trading. The stock has an average price target of $546.67, with a consensus target of $449.5 from 12 analysts, including Bernstein, TD Cowen, and Barclays.