A Dogecoin millionaire tells his story
A Dogecoin investor shared his story of how he became a cryptocurrency in just over two months after learning about the cryptocurrency meme and pouring all his savings into it. He said he was inspired by Elon Musk’s tweets about Dogecoin.
Glauber Contessoto, 33, who works for a record company in Los Angeles, told his story of how he became a millionaire. He invested more than $ 180,000 in Dogecoin on February 5, when its price was around 4.5 cents, the investor told CNBC Make It in an interview published on Friday. He learned about the cryptocurrency meme on Reddit.
Contessoto explained that he was attracted to Dogecoin for a few reasons. In addition to loving the Reddit community around Dogecoin, he said he appreciates the fact that the cryptocurrency was inspired by Shiba Inu’s “Doge” meme. He is also very optimistic about the currency’s growth, believing it could help him build “generational wealth” to pass on to his future family.
“I grew up very poor, so this is a big deal for me,” he said.
In addition, like many dogecoin holders, he said:
“One reason I put my savings on Dogecoin is Elon Musk … I think the guy is a genius.”
To invest in DOGE, Contessoto sold all the shares he owned, including Tesla and Uber shares, and dumped all his savings into the cryptocurrency. Then he invested in margin by borrowing money from Robinhood through the app.
Dogecoin’s price has skyrocketed in recent months. Source: Markets.Bitcoin.com
Several experts warned about the investment in Dogecoin. Bitcoin bull Mike Novogratz of Galaxy Digital, for example, told CNBC this week about Dogecoin that “there are literally two guys who own 30% of all stock.” He added that Bitcoin also has an extensive and well-funded ecosystem that does not exist with Dogecoin, which does not have a supply cap like BTC.
It was a big risk for Contessoto, as he invested and kept the cryptocurrency, despite warnings from his friends, one of whom warned:
“Dude, it’s a pump and dump scheme. It goes to zero, eventually. “
About two months later, on the evening of April 15, Dogecoin’s price started to rise. Then it shot up 400% and reached a market capitalization of $ 49 billion on April 16. Dogecoin finally hit a record high of around 45 cents. Contessoto’s balance on April 16 at Robinhood was $ 1,081,441.29, which he posted on Reddit for others to view.
Insisting that he does not intend to sell his Dogecoins anytime soon, he said:
“My plan is, once I reach $ 10 million, I will withdraw 10%. These things will continue to grow. ”
Dogecoin’s price is currently $ 0.284006 based on data from markets.Bitcoin.com. Despite the recent drop in price, Contessoto said his DOGE balance is still over a million dollars.