Apr 25, 2021 06:14 UTC
Apr 25, 2021 at 06:14 UTC
A dogecoin investor has communal his story of how he developed a crypto millionaire in a slight over 2 months after knowledge about the meme cryptocurrency & torrential all his savings into it. He held he was enthused by Elon Musk’s tweets about dogecoin.
A Doge Millionaire Shares His Story
Glauber Contessoto, a 33-year-old who works at a music company in Los Angeles, has communal his story of how he developed a dogecoin millionaire in just a slight over 2 months.
He invested over $180K in dogecoin on February 5 when its price was about 4.5 cents, the investor said CNBC Make It in an interview available Friday. He erudite about the meme cryptocurrency on Reddit & was enthused by Tesla’s technoking Elon Musk who tweeted about DOGE on numerous times.
Contessoto clarified that he was haggard to dogecoin for a rare reason. Also loving the Reddit community nearby dogecoin, he supposed he rises that the crypto was enthused by Shiba Inu “Doge” meme. He is also actual bullish on the coin’s growing, trusting that it might aid him build “generational wealth” to permit on to his future family. “I produced up really poor, so this is a huge deal for me,” he harangued.
Also, like numerous dogecoin holders, he held:
A reason why I place my savings into dogecoin is Elon Musk … I reason the guy is a genius.
To invest in DOGE, Contessoto vended all of the stocks he possessed, with shares of Tesla & Uber, & poured all his savings into the cryptocurrency. He then invested on boundary by copying money from Robinhood through the app.
A number of specialists have cautioned about investing in dogecoin. BTC bull Mike Novogratz of Galaxy Digital, for instance, expressed CNBC this week that dogecoin “literally has 2 guys that own 30% of the whole supply.” He additional that BTC also has a wide & well-funded ecosystem that does not exist with dogecoin, which does not have a supply cap like BTC does.
It was an enormous risk for Contessoto as he invested & detained onto the cryptocurrency notwithstanding warnings from his friends, one of whom warned: “Dude, it’s a pump-and-dump system. It’s going to zero, finally.”
About 2 months later, on the night of April 15, the price of dogecoin started to surge. It then spikey 400% & hit a market capitalization of $49 billion on April 16. Dogecoin eventually stretched a record high of around 45 cents. Contessoto’s balance on April 16 on Robinhood was $1,081,441.29, which he sent on Reddit for others to see.
Maintaining that he doesn’t mean to sell his dogecoins anytime soon, he supposed:
My strategy is, once I hit $10M, then I’ll take out 10%. This paraphernalia is going to last to produce.
The price of dogecoin is now $0.284006 founded on data from markets.Bitcoin.com. Notwithstanding the new drip in price, Contessoto supposed his DOGE balance is still over a million dollars.
