Mark Cuban reveals he owns only $494 worth of Dogecoin despite promoting the cryptocurrency

File image of billionaire entrepreneur, television personality, and media proprietor Mark Cuban

American billionaire Mark Cuban, counted among one of the staunchest promoters of Dogecoin, revealed on social media that he owns only $494 worth of the meme-inspired cryptocurrency.

The revelation was made by Cuban on August 15, on being asked by a Twitter user whether he owns more of Dogecoin or Bitcoin. In his response, Cuban said his NBA team Dallas Mavericks have been accepting Dogecoin as a form of currency to sell their merchandise, but he personally owns $494 worth of the crypto coin.

"The Mavs have what we sold in merch. I personally own $494 worth of DOGE," he tweeted.

The Mavs have what we sold in merch. I personally own $494 worth of DOGE

— Mark Cuban (@mcuban) August 15, 2021

In a follow-up tweet, Cuban continued his praise for Dogecoin, calling the virtual currency's imperfections and simplicity as its "biggest strengths".

"The point about DOGE that people miss is that DOGE's imperfections and simplicity are it's greatest strengths. You can only use it to do 2 things: Spend It or HODL It. Both are easy to understand. And it's cheap to buy. Which makes it a community anyone can join and enjoy. (sic)," tweeted Cuban, whose net worth is $5.8 billion, according to the Bloomberg Billionaires Index.

The 'Shark Tank' star further noted on Twitter that "between the Mavs and my personal account, its let than $15k in DOGE."

According to Cuban, Dogecoin is finding traction due its strong community of users. "In fact, it was the community that was the attraction and let to the Mavs accepting it for transactions," he said in another tweet.