Recently 33 years old Glauber Contessoto, who works for a music company in Los Angeles, told CNBC why he decided to invest everything he had in Dogecoin ($ DOGE).
Contessoto said there were three main reasons he chose to invest in Dogecoin: (1) he loved the Dogecoin community on Reddit; (2) he liked the meme “Shiba Inu”; and (3) Elon Musk’s Dogecoin advocacy.
Dogecoin could be my favorite cryptocurrency. It’s pretty cool.
– Elon Musk (@elonmusk) 2nd April 2019
Contessoto told CNBC that since he “had no disposable income to buy Dogecoin,” “not only used all of his savings, but also all of the stocks he owned, including those of Tesla and Uber, sold and borrowed from them Marge invests money from Robinhood through the app. “
On April 16, he went to Reddit to do one post titled “Hey guys, I just became a Dogecoin millionaire” in subreddit “/ r / dogecoin”.
Interestingly, some details of his alleged Dogecoin purchase here differed from what he told CNBC for the article they posted on April 22nd.
In his Reddit post, he said: “I bought about 5 million Dogecoins for about 4 cents on February 5, 2021 – 69 days later on April 15, 2021 – I became a millionaire … “
According to what he told CNBC, he has no plans to sell his Dogecoin holdings anytime soon:
“My plan is, once I hit $ 10 million, I’ll take 10% off, ”he says. In his opinion, “this stuff will keep growing.“
On April 26th, Meltem Demirors, Chief Strategy Officer at CoinShares, said CNBC: “In my opinion, it’s a classic type of bubble. I am not saying that it is good or bad. … Dogecoin is not for me. My company isn’t doing research on Dogecoin for a reason. We don’t have Dogecoin [exchange-traded product] on the market. We do not trade in Dogecoin. “
According to Data from CryptoCompareCurrently (as of 10:08 UTC on May 2), Dogecoin is trading at around USD 0.3788, an increase of 5.37% in the last 24 hours.