Dogecoin Price Surges 85% In One Day, Mark Cuban Celebrates

The cryptocurrency which originally started as an internet parody continues to reach unprecedented heights.

Dogecoin has surged more than 85% on Wednesday and is trading at $0.13 at press time, in the process boosting its market capitalization to over $17 billion. It has risen more than 2,000% since the start of the year, CNN noted.

The latest rally came in the wake of investors gearing up for the direct listing of cryptocurrency exchange Coinbase Global, which is expected to propel the buying and selling of cryptocurrencies such as DOGE and Bitcoin.

Coinbase remains profitable and has reported strong revenue growth, CNN noted.

Mark Cuban welcomes the Dogecoin surge. The Billionaire investor who owns the Dallas Mavericks and has a cryptocurrency portfolio consisting of 60% BTC worth $5.7 billion, was all smiles after seeing a rise in customers using Dogecoin to spend in his NBA team's store.

In a tweet, Cuban revealed the team won’t sell any of the meme cryptocurrency, eyeing future gains on the horizon. He also encouraged fans to continue using the coin to purchase team merchandise and tickets.

The Mavericks have recently partnered with BitPay to accept the coin for purchases on its store.

“We have chosen to do so because sometimes in business you have to do things that are fun, engaging, and hopefully generate a lot of PR,” Cuban said in a statement, Decrypt noted. “So we will take Dogecoin, today, tomorrow and possibly forever more. For those of you who would like to learn more about Dogecoin we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it."

Cuban is not the only one enjoying the Dogecoin price surge. Tesla CEO Elon Musk, the coin’s richest fan, has recently tweeted about DOGE's recent success. Musk tweets about the cryptocurrency have on occasion driven up its value.