A 33-year-old Los Angeles resident has claimed that he became a Dogecoin millionaire in “just 69 days” after investing about $180,000 (Rs. 1.3 crores approximately) on February 5 in the meme cryptocurrency, when its price was about $0.045 cent (Rs. 3 approximately). Glauber Contessoto put out a video on YouTube in which he explained why he decided to invest in Dogecoin. The light-hearted dog-themed cryptocurrency soared to an all-time high on April 16, when it touched $0.45 (Rs. 34 approximately). And as a result, the investor said, his initial investment had grown to almost $2 million (Rs. 15 crores approximately).
Experts, however, have warned about the risks involved in investing in such digital currencies since the prices of these volatile assets can fall as sharply as they go up. Also, there’s no guarantee that the cash will be converted back into physical currency. For people who can afford to take the risk though, the rise of cryptocurrency has been a windfall.
The rise of Dogecoin has been heavily influenced by Musk, whose tweets have, time and again, sent the price of the cryptocurrency soaring. On April 15, he tweeted the photo of a 1926 painting ‘Dog Barking At The Moon’ by a Spanish artist and changed the title of the artwork ‘Doge barking at the moon’, referring to the cryptocurrency. That took the value of Dogecoin to all-time high.
In February, a series of tweets by Musk, hailing Dogecoin, took the value of the meme-based cryptocurrency to wild levels. He first tweeted a photo of a rocket reaching the moon, and followed it up with a one-word tweet: “Doge”.