- Since Elon Musk started talking about Dogecoin, the digital asset has gone on a sensational rally that saw it recently breach $50B to become the fourth largest cryptocurrency in the world.
- Reddit posts reveal how investors with little knowledge of the market, but inspired by Musk, have gone on to become millionaires through the digital asset.
While a number of veteran traders and experts continue to blast Dogecoin as a project and cryptocurrency, and the nature of the relationship that Elon Musk has with it, novice traders are making millions through it. Of course, it depends on when and how much you invest. One Reddit user who invested all his savings on the meme coin on February 5, hodled until April 15, became a DOGE millionaire. The novice investor bought dogecoin when it was going for around $0.045. By the time he was becoming a millionaire, prices had climbed to $0.32 and would in the next few days mark a new ATH at $0.42.
In an interview with CNBC, the Reddit user, now identified as Glauber Contessoto revealed that he learned about Dogecoin through the Reddit community. He confirms that he was impressed by several things at the beginning. The first was how quickly the Reddit community had grown in a short time. Second was the Shiba Inu “Doge” meme, widely used by most fans of the coin. Why he invested all his savings, around $180,000, comes down to Elon Musk.
The reason why I put my savings into dogecoin is Elon Musk, I think the guy is a genius.
Robinhood at the heart of Dogecoin rally
In fact, he not only used all his savings but also sold stock he owned and margin traded by borrowing money from Robinhood. Robinhood’s role in the mass adoption of Dogecoin has also been undeniable.
I want to put some respect on @RobinhoodApp / @vladtenev’s name. Consider that they took a chance on Dogecoin when places like Coinbase didn’t, for years. Consider that this whole run wouldn’t likely have happened without them having taken that chance. They saw something in DOGE.
— Shibetoshi Nakamoto (@BillyM2k) April 30, 2021
Contessoto’s says he is still bullish on DOGE and believes that through the coin, he can amass “generational wealth” to pass on to his family. For the 33-year-old who was brought up in a poor family, this has been a big deal.
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The new millionaire’s story is one of many. While some have used disposable income, and not gained as much as Contessoto, the narrative is the same. In the last few months, a huge number of investors have reaped big.
DOGE: Love or hate?
While most retail investors remain bullish, and indeed Elon Musk, some market influencers believe that DOGE is a bubble that will end with retailers losing a lot of money. One of these is Cardano’s Charles Hoskinson, who recently stated that the Dogecoin rally is manipulated by whales. He further blasted the project for lacking any utility or capacity to develop.
For some market observers, DOGE and Elon Musk have achieved far more than just retailers richer. It has introduced a majority of investors to the world of cryptocurrencies. Dogecoin has become the gateway crypto that introduces most to Bitcoin and the other ‘more impactful’ altcoins.