DOGE spiked 400%, reached a record high of around $ 0.45, making a 33-year-old man become Dogecoin millionaire

Dogecoin price’s sudden increase in price not long ago caused a lot of millionaires to appear. In it, a 33-year-old man named Glauber Contessoto revealed himself to become a Dogecoin millionaire.

Glauber Contessoto: I became a Dogecoin millionaire in April after investing in February

Contessoto said after learning about the meme cryptocurrency on Reddit, he invested over $ 180,000 in Dogecoin on Feb. 5, when it was priced at about 0.045.

Sharing why Contessoto was attracted to Dogecoin, he said there were the following reasons. First, Dogecoin’s base has grown significantly since it was created as a joke in 2013. Furthermore, the meme coin is quite interesting as it is inspired by the Shiba-inu dog.

Second, Elon Musk’s frequent shill of Dogecoin and his enthusiastic support on social media is enough to make people FOMO and buy tokens.

Sharing about this story, he stated:

“A reason why I put my savings into dogecoin is Elon Musk. I think the guy is a genius.”

Ultimately, Contessoto is optimistic about Dogecoin’s development and thinks it could help him build a generation’s wealth to pass on to his future family.

Contessoto (who works at a music company in Los Angeles) says he doesn’t have disposable income to buy DOGE. So he took a huge risk. Contessoto not only used all his savings, but also sold all the shares he owned, including shares of Tesla and Uber, and made margin investments by borrowing money from Robinhood through the app.

He stated:

“I was up all night staring at my screen.”

There is a lot of criticism surrounding DOGE

His friends criticized Dogecoin and warned him to be careful. According to them, this is a typical pump and dump scheme, eventually, the Dogecoin price will go to 0.

Similarly, experts are also very skeptical of Dogecoin, which they consider highly speculative and so-called buzz-based meme trading on social media. They warned that investors could lose all their money if they continued to play with it.

Mike Novogratz, a crypto bull and founder and CEO of Galaxy Digital, said that Bitcoin is a well-thought-out, well-distributed store of value that’s lasted for 12 years and is growing in adoption, where dogecoin literally has two guys that own 30% of the entire supply. Bitcoin also has an extensive and well-funded ecosystem that does not exist with Dogecoin.

Additionally, Cogecoin has no supply cap like Bitcoin, all of which makes it a much risky investment.

About two months later, on the night of April 15, Dogecoin started rising. During that week, Dogecoin soared 400%, and on April 16, it defied the odds of reaching a market cap of $ 49 billion. Dogecoin has finally hit a record high at 0.45.

Some speculated that the rally was the result of crypto exchange Coinbase going public on April 14, which also caused Bitcoin and Ether to rise. Others claim that Dogecoin’s spike in price was due to Musk’s tweets.

Either way, Contessoto realized that meant his investment in Dogecoin had grown to over $ 1 million.

He shared on Reddit the following and attached a screenshot of his dogecoin holdings on Robinhood, showing a balance of $1,081,441.29.

“Hey, guys I just became a dogecoin millionaire.”

While this is an unusual spike for cryptocurrencies, Contessoto has no intention of selling anytime soon.

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

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