Elon Musk serves as an inspiration for new Dogecoin investors
2 min readTL;DR Breakdown
- Hobby traders make millions of dollars from Dogecoin.
- Dogecoin experienced an incredible rise of 50,000 million dollars.
When Elon Musk spoke for the first time about DOGE, the cryptocurrency experienced an incredible rise of 50,000 million dollars, becoming the fourth digital asset with the most significant global capitalization. Reddit news mentions that investors with little information about crypto, encouraged by Musk, have made a profit by relying on cryptocurrency.
While expert traders and traders keep attacking Dogecoin as a cryptocurrency and decentralized project, hobby traders make millions of dollars from it. It depends a lot on when and how much is invested.
A person working with Reddit invested his savings in Dogecoin on February 5 and became a millionaire with DOGE. This hobbyist investor bought the asset when it was capitalized at $0.045. When he made a lot of money, the value of Doge had exceeded $0.32; in later days, the ATH of the asset would exceed $0.42.
The millionaire Reddit user had an interview with CNBC, in which he identified himself as Glauber Contessoto. He discovered Dogecoin in the social bookmarking groups and certifies that he was impressed for various reasons at first. His first surprise was when he understood how fast Reddit grew as a community. Then he saw the Shiba Inu meme used by Doge fans and gave his savings to the asset. He invested at least $180,000,000 because of Musk.
Robinhood Company is at the center of the rally with Dogecoin
In reality, Contesssoto used all of his money, auctioned his shares, and did other operations, such as asking for money from the Robinhood Company.
The young investor says that his bet with DOGE does not stop. For Contessoto, a 33-year-old from a low-income family, this is an event worth celebrating.
The story that traps the new millionaire is one of many that Doge endorses. Although some investors have used free income without winning like Contessoto, the narrative is repetitive. In recent weeks, investors have seen good results for the asset.
Dogecoin A Love-Hate Story?
While most retail traders continue to trend upward, including Elon Musk, some fans of the asset think that DOGE is overvalued, leading to losses eventually. One of these influencers in the market is Charles Hoskinson, who said, “The competition in DogeCoin is manipulated.” Likewise, he attacked the project for not having a good capacity in its development.
For market watchers, the coin and Musk have accomplished more than enrichment. He motivates many investors to join crypto. Dogecoin is the cryptocurrency with the highest entry compared to BTC or other digital assets.
