A millennial investor just lately defined his story of shedding practically £2,000 in financial savings accrued throughout the COVID-19 lockdown by investing in Dogecoin.
In an article by The Solar, 27-year-old Frank Chook defined his expertise of shedding cash by making an attempt to capitalize on the web’s obsession for the memecoin DOGE. The report claims Chook invested £2,000 into Dogecoin, a sum he had managed to build up in financial savings throughout the coronavirus lockdown.
Chook purchased into Dogecoin in early Might whereas the value was nonetheless surging, however didn’t capitalize on the features. Now the younger investor has been compelled to look at the value of DOGE plummet, alongside his funding and financial savings locked up within the falling altcoin.
The report claims Chook faces “shedding virtually the entire cash” he initially invested if he had been to money out on the present worth.
Chook, an insurance coverage government dwelling in London, advised The Solar,
I used to be suggested by a good friend to put money into Dogecoin and there was additionally quite a bit on social media about it and so appeared like a good suggestion.
Chook anticipated to make a “fast revenue” however placing his lockdown financial savings into DOGE throughout the first week of Might, with the intention of promoting after every week or two.
However the worth tanked virtually instantly, making it unattainable for me to take out the cash with out shedding out.
Chook mentioned he was nonetheless intently following the value of DOGE however could also be compelled to chop his losses after one other crash in Dogecoin’s worth to $0.204. The report claims Chook first purchased into Dogecoin when the value was round $0.71 and is down roughly 70 % on his funding.
The younger investor lamented his resolution to place cash into Dogecoin versus different property like Bitcoin, saying he had a good friend who made “a great deal of cash” earlier within the yr by way of the crypto markets.
The views and opinions expressed by the creator, or any folks talked about on this article, are for informational functions solely, and they don’t represent monetary, funding, or different recommendation. Investing in or buying and selling cryptoassets comes with a danger of economic loss.