Monday, June 14, 2021
JAY TALKS CRYPTO
No Result
View All Result
  • Home
  • Bitcoin
    • Bitcoin Live
  • Ethereum
  • Cryptocurrency
    • Cryptocurrency live
  • Altcoins
    • Altcoins Daily
  • Cardano
    • Cardano Price Prediction
  • XLM Live
    • XLM
  • XRP
  • Litecoins
  • Dogecoin
  • More
    • Coingecko
    • Coin Bureau
  • Videos
JAY TALKS CRYPTO
No Result
View All Result
Home Dogecoin

I’m a dogecoin millionaire, inspired by Elon Musk

admin by admin
April 22, 2021
in Dogecoin
0
I’m a dogecoin millionaire, inspired by Elon Musk
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

June 14, 2021
Dogecoin non-fungible token sells for $5m

Dogecoin non-fungible token sells for $5m

June 14, 2021


Glauber Contessoto says that on April 15 at 6:00 p.m. PDT, he became a dogecoin millionaire.

“I was up all night staring at my screen,” Contessoto, 33, tells CNBC Make It.

After learning about the meme cryptocurrency on Reddit, Contessoto says he invested over $180,000 in dogecoin on Feb. 5, when it was priced at about 4.5 cents.

Contessoto was intrigued by dogecoin for a few reasons.

For one, he loved the Reddit community surrounding the digital coin, as its base had grown substantially since dogecoin’s creation as a joke in 2013. He also appreciated that it was inspired by the Shiba Inu “Doge” meme, he says.

And like many holders of dogecoin, “a reason why I put my savings into dogecoin is Elon Musk,” who has repeatedly tweeted about the cryptocurrency. Though it’s unclear if Musk’s tweets in support of the coin have been serious, “I think the guy is a genius,” Contessoto says.

Above all, Contessoto is very bullish on dogecoin’s growth, and thought that it could help him build “generational wealth” to pass on to his future family. “I grew up really poor,” he says, “so this is a huge deal for me.”

Contessoto (who works at a music company in Los Angeles) says he didn’t have disposable income to buy dogecoin, so he took a huge risk. Contessoto not only used all his savings, but he also sold all the stock he owned, including shares of Tesla and Uber, and invested on margin by borrowing money from Robinhood via the app, he says.

His friends were critical of the meme cryptocurrency and warned him to be careful.

“Dude, it’s a pump-and-dump [scheme],” one of his friends said in a text message. “It’s going to zero, eventually.”

Experts are similarly very skeptical of dogecoin, which they say is highly speculative and a so-called meme trade based on social media buzz. They warn that investors could get burned.

For instance, Mike Novogratz, a crypto bull and founder and CEO of Galaxy Digital, told CNBC’s “Squawk Box” on Tuesday 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, he said.

In addition, dogecoin does not have a supply cap like bitcoin does, all of this making it a much more risky investment, according to experts.

Still, Contessoto stuck with his investment plans and then continued to hold the cryptocurrency.

About two months later, on the night of April 15, the price of dogecoin began to surge. That week, dogecoin spiked 400%, and on April 16, it defied odds as it hit a market capitalization of $49 billion, according to CoinGecko. Dogecoin ultimately reached a record high of around 45 cents.

Some speculate that the rally was a result of cryptocurrency exchange Coinbase going public on April 14, which also drove an increase in the prices of bitcoin and ether. Others attribute dogecoin’s spike in price to tweets by Musk that nod to the popular crypto-slang phrase “to the moon.”

Whatever the case, Contessoto realized that meant his dogecoin investment had grown to be worth over $1 million.

“I was excited about it. I was very new to Reddit, so I wanted to make a post,” he says.

Glauber Contessoto posted his Robinhood balance of dogecoin on Reddit on April 16.

The next day, under his username iUsedToCallDogeDodge, Contessoto posted on subreddit r/dogecoin. He wrote, “Hey guys I just became a dogecoin millionaire,” and attached a screenshot of his dogecoin holdings on Robinhood, showing a balance of $1,081,441.29.

“It went viral,” he says.

Though this was an unusual surge for the cryptocurrency, Contessoto doesn’t intend to sell anytime soon.

“My plan is, once I hit $10 million, then I’ll take out 10%,” he says. In his opinion, “this stuff is going to continue to grow.”

Dogecoin began to lose steam on Tuesday, and now, the cryptocurrency is trading at about 28 cents, according to CoinGecko, with a market value of about $36 billion.

Despite the decline, Contessoto is still “hovering over $1 million,” he says.

Eight years ago, dogecoin was created as a parody faster and “fun” alternative to bitcoin by software engineers Billy Markus and Jackson Palmer.

Though some retail investors have profited from its recent surge, experts warn that people should only invest what they can afford to lose.

“[T]he bubble eventually has to burst and you’re going to be left shortchanged if you don’t get out in time,” David Kimberley, an analyst at U.K. investing app Freetrade, recently told CNBC. “And it’s almost impossible to say when that’s going to happen.”

Check out: Meet the middle-aged millennial: Homeowner, debt-burdened and turning 40

Don’t miss: Mark Cuban on the dogecoin price surge: ‘Supply and demand is undefeated’



Source link

Tags: DogecoinEloninspiredmillionaireMusk
Share76Tweet47

Related Posts

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

by admin
June 14, 2021
0

Dogecoin (CCC:DOGE-USD) continues to be a hot topic for crypto traders on Twitter and Monday is no different with...

Dogecoin non-fungible token sells for $5m

Dogecoin non-fungible token sells for $5m

by admin
June 14, 2021
0

The now iconic picture of a smirking Shiba Inu just became the most expensive meme to sell as a...

Started The Year With $1,000 Bet on Polygon (MATIC), Dogecoin? Your Coins Can Still Fetch A High-End Tesla

Started The Year With $1,000 Bet on Polygon (MATIC), Dogecoin? Your Coins Can Still Fetch A High-End Tesla

by admin
June 14, 2021
0

Any investor who began this year with a $1,000 bet on Polygon (MATIC) or Dogecoin (DOGE) can happily laugh...

Shiba Inu Outperforms Dogecoin As Meme Coins See Rekindled Social Media Interest

Shiba Inu Outperforms Dogecoin As Meme Coins See Rekindled Social Media Interest

by admin
June 14, 2021
0

Meme coins were in the crosshairs of social media users on Sunday night, but debutant dog-themed coins gained more...

Ferrari F8 Tributo Owner Embraces Cryptocurrencies With A Dogecoin Wrap

Ferrari F8 Tributo Owner Embraces Cryptocurrencies With A Dogecoin Wrap

by admin
June 13, 2021
0

Cryptocurrencies have gone on a wild ride this year and the owner of this Ferrari F8 Tributo is clearly...

Load More
  • Trending
  • Comments
  • Latest
2021 Coinbase Debit Card Review • Pros, Cons & More • Benzinga

2021 Coinbase Debit Card Review • Pros, Cons & More • Benzinga

April 14, 2021
MASSIVE NEWS Hokkaido inu Exchange news+ More! 1000x gem! If you missed shiba inu dont miss this!

MASSIVE NEWS Hokkaido inu Exchange news+ More! 1000x gem! If you missed shiba inu dont miss this!

May 12, 2021
Kishu Inu Mega pump! We called it first! Kishu inu Pump update+ Discord updates!

Kishu Inu Mega pump! We called it first! Kishu inu Pump update+ Discord updates!

May 15, 2021
Shiba Inu coin 1000x Exchange+massive news+ Shib Price Prediction!

Shiba Inu coin 1000x Exchange+massive news+ Shib Price Prediction!

May 11, 2021
What you need to know to start investing in cryptocurrency right now

What you need to know to start investing in cryptocurrency right now

0
Want to be rich? Bitcoin’s limited supply cap means you only need 0.01 BTC

Want to be rich? Bitcoin’s limited supply cap means you only need 0.01 BTC

0
Risky business

Risky business

0
Cardano Price Analysis: 07 March

Cardano Price Analysis: 07 March

0
What you need to know to start investing in cryptocurrency right now

What you need to know to start investing in cryptocurrency right now

June 14, 2021
Crypto wallet app Ledger integrates first DeFi platform — ParaSwap

Crypto wallet app Ledger integrates first DeFi platform — ParaSwap

June 14, 2021
Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

June 14, 2021
Litecoin Exchange Market Global Demand, Research and Top Leading Player to 2027 Covid-19 Analysis – The Courier

Litecoin Exchange Market Global Demand, Research and Top Leading Player to 2027 Covid-19 Analysis – The Courier

June 14, 2021

Recent News

What you need to know to start investing in cryptocurrency right now

What you need to know to start investing in cryptocurrency right now

June 14, 2021
Crypto wallet app Ledger integrates first DeFi platform — ParaSwap

Crypto wallet app Ledger integrates first DeFi platform — ParaSwap

June 14, 2021

Categories

  • Altcoins
  • Altcoins Daily
  • Bitcoin
  • Bitcoin Live
  • Cardano
  • Cardano Price Prediction
  • Coin Bureau
  • Coingecko
  • Cryptocurrency
  • Cryptocurrency live
  • Dogecoin
  • Ethereum
  • Litecoins
  • Videos
  • XLM
  • XLM Live
  • XRP

Follow Us

Calculator

 
  • Privacy & Policy
  • About Us
  • Contact Us

© 2021 Jay Talks Crypto  

No Result
View All Result
  • Home
  • Bitcoin
    • Bitcoin Live
  • Ethereum
  • Cryptocurrency
    • Cryptocurrency live
  • Altcoins
    • Altcoins Daily
  • Cardano
    • Cardano Price Prediction
  • XLM Live
    • XLM
  • XRP
  • Litecoins
  • Dogecoin
  • More
    • Coingecko
    • Coin Bureau
  • Videos

© 2021 Jay Talks Crypto