Mark Cuban buys Dogecoin for his 11-year-old son for educational purposes

Billionaire Mark Cuban bought $5 worth of Dogecoin for his 11-year-old son Jake.

When a Forbes reporter asks me about #dogecoin and whether it’s a bad look for crypto when people are buying it pic.twitter.com/YGs27Vdsxo

— Mark Cuban (@mcuban) February 8, 2021

Cuban called Dogecoin the cheapest economic educational tool that also entertains. Using the cryptocurrency asset as an example, the billionaire explains price movements to his son.

“That does not mean the coin has intrinsic value; there is none. So what? The odds are still better than a lottery, and it also teaches the economics of supply and demand,” he said.

In Cuban’s view, Dogecoin offers more chances of winning than a lottery. The billionaire made a similar statement on February 4, when the crypto asset rose by almost 50% in less than an hour after a series of tweets by Tesla and SpaceX founder Elon Musk.

In the last 24 hours, Dogecoin rose by 12.2%. At the time of writing the coin traded at $0.080, according to CoinGecko.

In terms of market capitalization, the cryptocurrency ranked 10th with a value of $10.3 billion.

Data: CoinGecko.

Earlier Dogecoin rose by 41% in a 24-hour period amid a tweet from American rapper Snoop Dogg.

Earlier, an unidentified whale held 36.8 billion Dogecoin at its address — 28.7% of all available coins.

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