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A dogecoin investor shared his story of how he became a crypto millionaire in just over two months after discovering the cryptocurrency itself and pouring all his savings into it. He said he was inspired by Elon Musk’s dogecoin tweets.
A millionaire doge shares his story
Glauber Contessoto, 33, who works at a music company in Los Angeles, recounted how he became a dogecoin millionaire in just over two months.
It invested more than $ 180,000 in dogecoin on Feb.5 when its price was around 4.5 cents, the investor told CNBC Make It in an interview published on Friday. He heard about the cryptocurrency meme on Reddit and was inspired by Tesla’s Elon Musk who tweeted about DOGE on multiple occasions.
Contessoto explained that he was drawn to dogecoin for several reasons. In addition to liking the Reddit community surrounding dogecoin, he said he appreciated the fact that the crypto was inspired by the Shiba Inu “Doge” meme. He’s also very optimistic about the coin’s growth, believing it could help him build “generational wealth” to pass on to his future family. “I grew up very poor so it’s a big deal for me,” he said.
Additionally, like many dogecoin holders, he said:
One of the reasons I put my savings in dogecoin is Elon Musk… I think this guy is a genius.
To invest in DOGE, Contessoto sold all of the shares he owned, including Tesla and Uber, and poured all of his savings into cryptocurrency. He then invested on margin by borrowing money from Robinhood through the app.
A number of experts have cautioned against investing in dogecoin. Galaxy Digital’s Bitcoin bull Mike Novogratz, for example, told CNBC this week that dogecoin “literally has two guys who own 30% of the total supply.” He added that bitcoin also has a large and well-funded ecosystem that does not exist with dogecoin, which does not have a supply cap like bitcoin does.
This was a huge risk for Contessoto as he invested and held onto the cryptocurrency despite warnings from his friends, one of whom warned, “Dude, this is a pump-and-dump. [scheme]. It will end with zero. “
About two months later, on the night of April 15, the price of dogecoin started to soar. It then climbed 400% and reached a market cap of $ 49 billion on April 16. Dogecoin eventually hit a record high of around 45 cents. Contessoto’s April 16 balance on Robinhood was $ 1,081,441.29, which he posted on Reddit for others to see.
Insisting that he has no plans to sell his dogecoins anytime soon, he said:
My plan is that once I hit $ 10 million, I’ll take 10% off. This stuff will keep growing.
The price of dogecoin is currently $ 0.284006 based on market data Bitcoin.com. Despite the recent price drop, Contessoto said his DOGE balance was still over $ 1 million.
What do you think of the story of this dogecoin investor? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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