Last week a post on the Reddit forum from someone using the username iUsedToCallDogeDodge went viral on social media. He reported that he had become a millionaire because of the Dogecoin cryptocurrency.
His post included a screenshot of the Robinhood trading account, showing deposits worth US $ 1,081,441.29.
“Hello everyone, I just became a Dogecoin billionaire,” he wrote in a post on the Reddit forum, as quoted by CNBC International, Friday (24/4/2021).
His Dogecoin investment grows 6 times over
The post turned out to be from Glauber Contessoto, who began investing USD180,000 in Dogecoin on February 5, 2021. It has now grown to more than six times.
Elon Musk’s tweets, according to the 33-year-old investor, were one of the reasons he invested in Dogecoin. On his personal Twitter account, the Tesla founder and CEO has expressed his support for Dogecoin several times.
Coming from a poor family, Contessoto also said the growth of Dogecoin will help him build his wealth which he can passed on to his family in the future.
Contessoto, who works at a music company in Los Angeles, took a big risk when betting on Dogecoin. He drained all of his savings, sold all his shares including Uber and Tesla. He also borrowed funds from Robinhood trading application to get a margin call facility.
He also had to deal with criticisms from his friends, who thought he was making a fool of himself by investing in cryptocurrency. “Friends, this is a pump-and-dump scheme,” said his friend via text message. “This will be zero, in the end.
Dogecoin has been under the slew of crypto critics.
Dogecoin Price is Vulnerable
Galaxy Digital founder Mike Novogratz criticizes Dogegion, saying that its prices are vulnerable to being manipulated by a small group of people for personal gain.
In additon, Dogecoin has no supply restrictions, making it more at risk of becoming a worthless cryptocurrency.
But Contessoto did not budge. He stuck to his decision to invest in Dogecoin. After two months of investing, on the evening of April 15, he got the price of Dogecoin jumped 400% and on April 16 digital money inspired by memes it scored an all-time high of USD45 cents.
“Ren My plan, when the investment in Dogecoin reaches US $ 10 million, I will withdraw 10%, “he said. “Dogecoin will continue to grow.”
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