A 33-year-old Los Angeles resident, Glauber Contessoto, claims to have turn into amillionaire on April 15.
He stated he invested over $180,000 into Dogecoin, when its value was round 4.5 cents, on February 5. He detailed causes for purchasing the meme forex in a, and posted on the two months later about his newly-acquired millionaire standing.
“Hey guys I simply turned a Dogecoin millionaire,” he wrote below the username “iUsedToCallDogeDodge,” and connected a screenshot of his holdings on Robinhood.
Insider could not independently verify Contessoto’s Dogecoin holdings.
Contessoto – who works in the music business – said billionaire Elon Musk was a key inspiration to his decision, claiming in his YouTube video that the Tesla boss owns about a third of the Dogecoins currently in circulation.
Retail investors have pumped up Dogecoin’s price this year, taking their cue from Musk’s tweets about it being “the people’s crypto.” It remains unclear whether his tweets were made in jest, or if he’s being serious.
“I think the guy is a genius,” Contessoto said of Musk in a. He stated he strongly believes in Dogecoin’s potential and that it may assist him construct wealth to move on to his household sooner or later.
Contessoto instructed CNBC he grew up poor, and that his exponential achieve from the meme forex is a “enormous deal” for him. He took an enormous danger to purchase Dogecoin by transferring all of his financial savings, together with shares like Tesla and Uber, and invested on margins borrowed from Robinhood.
He caught to his plans regardless of warnings from associates, and determined he would take out 10% of his holdings as soon as he hits $10 million.
Dogecoin noticed an 8,000% surge final week, main it to commerce close to $0.42. It was final buying and selling at $0.28 on Monday, with a market cap of about $36 billion.why the meme asset has been surging in reputation, with one saying: “Bitcoin is for the rich, Ethereum for the center class, and Dogecoin is for the folks.”
Regardless of the slide in its worth, Contessoto stated his funding remains to be worthy simply over $1 million.