Glauber Contessoto shares how he became a Dogecoin millionaire! The 33-year old who works at a music company shared how he became a Dogecoin millionaire in just a little over 2 months.
On CNBC, he shared how he invested over $180,000 in Dogecoin on February 5th, when the price of Dogecoin was about 4.5 cents. He learned about the cryptocurrency on Reddit and was inspired by Elon Musk.
He told CNBC that he was drawn to the cryptocurrency for a few reasons – the reasons don’t seem to be based upon fundamental nor technical analysis, however. Some reasons include the Reddit community surrounding Dogecoin, as well as the fact that the crypto was inspired by the Shiba Inu “Doge” meme. He remains bullish on the coin’s growth, believing that it could help him “generational wealth”.
Contessoto sold all of the stocks he owned and poured his savings into the cryptocurrency – he then invested on margin by borrowing money from Robinhood to fund his investment into Doge.
This was a huge risk for Contessoto – friends had warned and cautioned him against his decision, with one, he told CNBC, telling him “Dude, it’s a pump-and-dump [scheme]. It’s going to zero, eventually.”
2 months later, on April 15th, Dogecoin began to surge and then spiked 400%, hitting a marketcap of $49 billion on April 16th.
Dogecoin ultimately reached a record high of around 45 cents. On April 16th, his balance on Robinhood was $1,081,441.29, which he posted on Reddit for others to see. He doesn’t plan on selling anytime soon, telling CNBC that he plans to sell 10% once his portfolio hits $10 million.
The price of Dogecoin is currently sitting at .26 cents.
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