Mark Cuban on the dogecoin price surge: ‘Supply and demand is undefeated’

Mark Cuban on the dogecoin price surge: ‘Supply and demand is undefeated’

Dogecoin, a cryptocurrency that started as a joke, is now a top-five digital currency with a market value of about $49 billion, according to CoinGecko.

Created as a parody in 2013, dogecoin is based on the "Doge" meme, which portrays a Shiba Inu dog. On Friday, dogecoin reached an all-time high when it surpassed 28 cents and is trading around 38.5 cents as of Friday at 11:40 a.m. EST, according to CoinGecko. Dogecoin has rallied 400% this week.

So what does billionaire crypto bull Mark Cuban think of the sudden surge?

"I have no idea what it means," Cuban tells CNBC Make It. "But I do know that supply and demand is undefeated. So it will find its level."

In March, Cuban announced that his NBA team, the Dallas Mavericks, will accept dogecoin for purchases, and over the past month, Mavericks' sales in dogecoin have increased 550%, Cuban tweeted on Tuesday.

"We have now sold more than 122k Doge in merchandise!" Cuban said on Twitter. "We will never sell 1 single Doge ever."

To understand dogecoin's recent rally, some speculate that it's a result of cryptocurrency exchange Coinbase going public on Wednesday, which also drove an increase in the prices of bitcoin and ether. Others attribute