Dogecoin (DOGE) continues to make waves as the Dallas Mavericks, owned by the renowned Mark Cuban, solidify their reputation as crypto pioneers by reaffirming the acceptance of the meme coin as a payment method in a groundbreaking move.
Amidst a renewed wave of attention and growing enthusiasm for the meme-inspired cryptocurrency, this integration has sparked discussions about the potential growth of Dogecoin in 2024.
Cuban welcomed his nearly 9 million X (formerly Twitter) followers for an impromptu Ask Me Anything (AMA) session on Monday afternoon.
Here is one of his best cryptocurrency-related answers.
Let’s do an AMA. Fire away.
— Mark Cuban (@mcuban) January 29, 2024
“Do the Mavs still accept Dogecoin?”
The billionaire answered simply, “Yes.”
Mavericks Lead In Crypto Acceptance
The Dallas Mavericks’ forward-thinking approach towards digital currencies began in 2019 when they embraced Bitcoin as one of their payment methods. However, it was their decision to integrate Dogecoin that truly captured the attention of the crypto community.
By allowing “Mavs Fans for Life” (MFFLs) to utilize Dogecoin for purchasing game tickets and merchandise online, the Mavericks have not only expanded accessibility to their gear but have also propelled Dogecoin into the mainstream as a viable payment medium.
One of the most intriguing aspects of Dogecoin’s acceptance in 2024 is its influence in the Indian market. Within the 26-35 age group, Dogecoin has surpassed Bitcoin in terms of investments, capturing the interest of 40% of India’s 19 million crypto investors.
India has over 19 million crypto investors.
40% are in the age group of 26-35.
1st Rank: Dogecoin -> 11% are invested
2nd Rank: Bitcoin -> 8.5% are investedSo much effort is needed in terms of education!
— Kashif Raza (@simplykashif) January 29, 2024
This surge in popularity demonstrates the widespread appeal of the meme coin among young Indian investors, showcasing its potential to disrupt the traditional financial landscape.
Turning our attention to Dogecoin’s price performance, the cryptocurrency is currently trading at approximately $0.08, exhibiting a 24-hour increase of nearly 4%. While its weekly performance shows a modest uptick of 0.9%, its 30-day performance reveals a decline of 10%.
DOGE price action in the last 24 hours. Source: Coingecko
Nonetheless, over the last 180 days, DOGE has experienced a steady increase of nearly 3%, indicating a resilient presence in the market. Just a gentle reminder, though, that the all-time high for Dogecoin stands at an impressive $0.73, underscoring its inherent price volatility.
DOGE currently trading at $0.08117 on the daily chart: TradingView.com
Dogecoin: Metrics, Potential, Global Impact
Digging deeper into the numbers, the coin’s circulating market cap sits at a substantial $11 billion. Moreover, its price-to-fully diluted ratio (P/F ratio) has surged to a staggering 6,208.30x, representing a remarkable increase of 175%. This metric highlights the significant potential for future value growth that investors perceive in DOGE.
As Dogecoin gains further traction through the Dallas Mavericks’ ongoing acceptance and its surging popularity in the Indian market, the meme coin appears to be on the cusp of new and exciting possibilities.
Featured image from Freepik, chart from TradingView