"Shark Tank"/ABC
- Mark Cuban has no clue what Dogecoin's meteoric price gain signifies.
- The "Shark Tank" investor said the joke cryptocurrency would become less volatile.
- Cuban's Dallas Mavericks have raked in over 122,000 Dogecoins by selling merchandise.
- See more stories on Insider's business page.
Billionaire investor Mark Cuban might be one of Dogecoin's biggest champions, but even he doesn't know what to make of the joke cryptocurrency's 400% price gain over the past week.
"I have no idea what it means," the "Shark Tank" star and Dallas Mavericks owner told CNBC Make It. However, he expects the digital coin to settle into a price range over time.
"Supply and demand is undefeated," Cuban said. "So it will find its level."
Dogecoin's price skyrocketed from 0.005 cents at the start of January to an all-time high of 45 cents last Friday – a roughly 9,000% increase in under four months. It now ranks as the fifth-biggest cryptocurrency with a market capitalization of about $50 billion, according to CoinMarketCap.
Cuban has been cheerleading the digital coin in recent weeks. The Dallas Mavericks' sales in Dogecoin are up 550% over the past month, and the basketball team has sold more than 122,000 Dogecoins' worth of merchandise in total, he tweeted last week.
The billionaire also pledged that his team would never sell a single Dogecoin, and called on his followers to keep buying more of its products to drive the coin's price to $1.
Cuban has previously touted Dogecoin as a way to have fun, learn about crypto, and potentially make money. He also urged people not to take it too seriously, and said that he enjoys being part of the coin's community and tweeting rocket emojis and "doge to the moon."