Dogecoin investor Glauber Contessoto — who made $2 million off investing — not too long ago defined to The New York Times what he enjoys most in regards to the meme-based cryptocurrency.
For one, it’s an ideal coin for millennials. Memes have turn into the social media foreign money for millennials. So it’s not shocking, he said, {that a} meme-based foreign money turned an actual factor for younger individuals. As we all know, younger persons are investing closely in Dogecoin.
And Contessoto stated he enjoys Dogecoin’s branding.
“Dogecoin has the perfect branding of all cryptocurrency,” he advised The New York Times. “For those who put in entrance of me all of the symbols of Ethereum, Bitcoin, Litecoin — every thing simply seems to be tremendous excessive tech and futuristic. And Dogecoin simply seems to be like: Hey, guys, what’s up?”
Certainly, Contessoto has gone viral earlier than for his funding. He’s one instance of a hit story associated to cryptocurrency, as I wrote about for the Deseret Information.
Contest advised CNBC again in April that he invested $180,000 into Dogecoin on Feb. 5 when a single dogecoin was value $0.045. He stated he turned a Dogecoin millionaire by April 15.
- “I used to be enthusiastic about it. I used to be very new to Reddit, so I needed to make a submit,” he advised CNBC.
Nonetheless, not everybody has a Dogecoin success story. For instance, some Dogecoin investors became the victims of a scam the place con artists created faux web sites for individuals to speculate their dogecoins with the faux promise of doubling their cash, as I defined for the Deseret News.
Investing in a unstable market like Dogecoin is problematic. So it’s essential to keep watch over the market and make the perfect selections primarily based on what you’re comfy with.
- “As with all investments, due diligence is the important thing. Traders ought to take into account the demand and provide of a coin, its market capitalization, use instances, underlying know-how and most of all their threat urge for food earlier than investing in any cryptocurrency. Briefly, it’s not value shopping for any cryptocurrency just because it trades at a low worth,” in line with Benzinga.
