Robinhood Crypto Trader Explains How He Became A Dogecoin Millionaire ($ DOGE)
Recently, Glauber Contessoto, 33, who works at a music company in Los Angles, told CNBC why he decided to invest everything he had in Dogecoin ($ DOGE).
Contessoto said there were three main reasons he decided to invest in Dogecoin: (1) he liked the Dogecoin community on Reddit; (2) he liked the “Shiba Inu” meme; and (3) Elon Musk’s Dogecoin plea.
Contessoto told CNBC that because “he didn’t have any disposable income to buy dogecoin,” he “not only used all of his savings, but he also sold all of the shares he owned, including the shares of Tesla and Uber, and invested on margin by borrowing money from Robinhood through the app.
On April 16, he took to Reddit to do a Publish titled “Hey guys, I just became a Dogecoin millionaire” in the “/ r / dogecoin” subreddit.
Interestingly, some of the details of his alleged Dogecoin purchase were different here than what he told CNBC for the article they published on April 22.
In his Reddit post, he said:
“I bought on February 5, 2021 about 5 million dogecoins at about 4 cents 🚀 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 that once I hit $ 10 million, I’ll get 10% off, ”he says. In his opinion, “this stuff will continue to grow.“
On April 26, Meltem Demirors, Chief Strategy Officer at CoinShares, told CNBC:
It’s kind of a classic bubble, in my opinion… I’m not saying it’s good or bad. … Dogecoin is not for me. My company is not producing dogecoin analysis for a reason. We don’t have a dogecoin [exchange-traded product] on the market. We do not trade dogecoin.
According to data by CryptoCompare, currently (10:08 a.m. UTC on May 2), Dogecoin is trading around $ 0.3788, up 5.37% in the past 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.