Recently, 33-year-old Glauber Contessoto, who works at a music company in Los Angles, told CNBC why he decided to invest everything he had in Dogecoin ($DOGE).
Contessoto said that there were three main reasons why he decided to invest in Dogecoin: (1) he loved the Dogecoin community on Reddit; (2) he liked the “Shiba Inu” meme; and (3) Elon Musk’s Dogecoin advocacy.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
Contessoto told CNBC that since “he didn’t have disposable income to buy dogecoin,” he “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.”
On April 16, he took to Reddit to make a post titled “Hey guys I just became a Dogecoin millionaire” in subreddit “/r/dogecoin”.
Interestingly, some of the details of his alleged Dogecoin purchase were different here from what he told CNBC for the article they published on April 22.
In his Reddit post, he said: “I bought on February 5th, 2021 about 5 million dogecoins at about 4 cents 🚀 69 days later on April 15th, 2021 – I became a millionaire…”
According to what he told CNBC, he has no plans to sell his Dogecoin holdings any time 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.“
On April 26, Meltem Demirors, chief strategy officer at CoinShares, told CNBC: “It’s a classic sort of bubble, in my view… I’m not saying it’s good or bad. … Dogecoin is not for me. My firm does not produce analysis on dogecoin for a reason. We don’t have a dogecoin [exchange-traded product] in the market. We don’t trade dogecoin.”
According to data by CryptoCompare, currently (as of 10:08 UTC on May 2), Dogecoin is trading around $0.3788, up 5.37% in the past 24-hour period.