I am pretty sure that you guys have heard about the oscar-winning film Slumdog millionaire. Now we actually have a real-life picture of the same person. But for the sake of this article, we will call him Dogecoin millionaire. But why? It’s because this guy turned his stimulus check of around a thousand bucks into a million dollars by investing in Dogecoin. This is a new generation where people are becoming rich by investing in-jokes. I must say the guy does have golden hands.
The Dogecoin millionaire!
Jackson is a middle-class man who received stimulus pack checks from the government. But instead of spending it like a middle-class person on food, rent, and meds, he decided to go a completely different route. The guy invested in Dogecoin back in 2020 with his check, and after the soaring prices of Doge recently, his total value hit a million dollars. But there is a big confusion regarding this. Since the price of Dogecoin has only increased by 165x in the past year, how has he made this kind of money? After having studied the market, he sold all his stocks, took his savings, and put everything in Dogecoin.
He also said that he won’t sell out his Dogecoins now. This is because he doesn’t want to pay short-term capital gains tax. Instead, he will hold it for at least a year before liquidating his assets for traditional money. This way, he also has to pay a lesser tax than usual.
Dogecoin’s recent price jump!
From trading at just around $0.04 to making an all-time high of $0.45, Dogecoin is doing really well. Even though the price has subsided slightly, it is still trading much above the 30 cents price point and could even touch $1 very soon. There have been speculations that a huge rally can be on the ropes as Doge day is approaching. If it does happen, Dogecoin will not stay a meme anymore. The analysis says if the price is able to touch $1 in a few days, then the price could even push past the $10 mark by the end of the year.
What are your thoughts on Jackson becoming a Dogecoin millionaire? And do you regret missing out on this lifetime opportunity? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.