A “joke” cryptocurrency, Dogecoin has rocketed three hundred percent in price this year. That’s amazing, right? What if I told you a person who once had very little knowledge on cryptocurrency is now a Dogecoin millionaire? The incident got so viral that it now adds almost 50% to the original cost of Dogecoin, making it the fastest growing cryptocurrency in 2021.
Elon Musk made Dogecoin famous out of a tweet he did about it on his Twitter account on February 5, 2021. The tweet spurred a 33-year-old Los Angeles resident, Glauber Contessoto, to buy 5 Million Dogecoins for just $0.045 (Rs. 3.3). Glauber is a fan of Tesla CEO, and he shares a screenshot of his Robinhood account on the r/dogecoin subreddit. It took over $1 million to invest in the digital currency, leaving him a millionaire.
Contessoto shared a video on his YouTube channel on the top 5 reasons he had for buying 5 million Dogecoin, but it was an initial high investment and a high-risk investment.
Every success requires impressive risk-taking. Contessoto used all the money he collected from his bank account, sold his shares of Tesla and Uber, and gave all the funds he received into the purchase of the first Dogecoins. He became a Dogecoin millionaire after only 69 days of the price of the Dogecoin skyrocketing.
However, we don’t encourage anyone to trade any kind of digital currency. What’s your take on this? Comment below.