A Dogecoin investor recently told us on Reddit that he became a millionaire in just 2 months. The guy poured all his savings into the cryptocurrency and was inspired by Elon Musk. It seems that Musk made a lot of millionaires with his tweets and this guy is just part of a herd of new meme millionaires(yes that’s what I am going to call dogecoin millionaires). Even now people are heavily investing in the currency based on the sole fact that Musk talks about it.
Story of the Dogecoin investor
The guy’s name is Glauber Contessoto who works at a music company in Los Angeles. He shares that back in February he invested all his savings into dogecoin. The amount was nearly $180,000 and it was trading at nearly 4.5 cents at the time. Glauber shared that he came across Dogecoin on Reddit and at the same time saw many tweets from Elon Musk about the same.
Talking about why he invested in Doge, Glauber said that his main reason was the strong community around the currency. He said that the fact that Dogecoin is based on a meme really appealed to him. The guy was very positive about the growth of the currency and believed it could make him really wealthy. Glauber said another main reason for his investment was Elon Musk. Like every other Doge investor, he thinks Musk is a pure genius. And that reason is good enough to make him invest in the coin.
And finally, the good part happened just a few days back when the price of Dogecoin surged drastically in a span of few days. It made a record high of over 45 cents and also hit a market cap of $49 billion. With such hefty gains, the entire portfolio value of Glauber reached over $1 million. But he is so bullish that he didn’t sell his holdings and HODLED it believing that the prices are bound to go higher. His goal is to make his portfolio worth $10 million and then take out 10% that is a million from it.
The risk of investing in Dogecoin!
Dogecoin is a meme no matter what we say about it or make of it. And this shows in its fundamentals. The currency has an unlimited supply cap and has been susceptible to many pumps and dump schemes. Even though it is loved by investors and Elon fans, we might have to agree that the investment in the same is quite risky. In fact, even its makers say that the currency was never meant to reach such prices and was just a joke. For those investing in it and making money it’s fine but do keep in mind there are downsides too.
What are your thoughts on Dogecoin investors turning millionaires? And do you think it was a missed opportunity for many? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.
Also Read: SEC commissioner says its very difficult to ban Bitcoin
