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The Elon Musk-inspired Dogecoin investor turned a millionaire in two months – Markets Insider

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Glauber Contessoto.

33-year-old Los Angeles resident Glauber Contessoto claims to have turn out to be a Dogecoin millionaire on April fifteenth.

He mentioned he invested over $ 180,000 in Dogecoin on Feb.5 when the value was 4.5 cents. In a YouTube video, he defined the explanations for getting the meme forex and printed his newly acquired millionaire standing two months in a while the Dogecoin subreddit.

“Hey guys, I’ve simply turn out to be a Dogecoin millionaire,” he wrote utilizing the username “iUsedToCallDogeDodge” and added a screenshot of his holdings on Robinhood.

Insider has not been capable of independently confirm Contessoto’s Dogecoin holdings.

Doge

Contessoto, who works within the music enterprise, mentioned billionaire Elon Musk was a serious inspiration in his resolution, claiming in his YouTube video that the Tesla boss owns a few third of the Dogecoins at the moment in circulation.

Retail traders have pushed the value of Dogecoin hovering this 12 months, taking inspiration from Musk’s tweets that it’s “individuals’s crypto”. It stays unclear whether or not his tweets had been made as a joke or whether or not he’s critical.

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“I believe the man’s a genius,” Contessoto mentioned in a CNBC interview about Musk. He mentioned he firmly 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 that he grew up poor and that his exponential acquire from meme forex was a “massive deal” for him. He took an enormous threat to purchase Dogecoin by transferring all of his financial savings, together with shares like Tesla and Uber, and investing in margins borrowed from Robinhood.

Regardless of warnings from pals, he caught to his plans and determined to chop 10% of his holdings as soon as he reached $ 10 million.

Dogecoin was up 8,000% final week, inflicting it to commerce close to $ 0.42. It was final traded at $ 0.28 on Monday with a market cap of round $ 36 billion. Specialists instructed insiders why the meme asset was gaining recognition. One mentioned, “Bitcoin is for the wealthy, Ethereum is for the center class, and Dogecoin is for the individuals.”

Regardless of the depreciation, Contessoto mentioned his funding was nonetheless value simply over $ 1 million.

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