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Glauber Contessoto‘s friends doubted his mental stability when he decided to invest his life savings in Dogecoin (CRYPTO: DOGE) in February.
Many people might be perplexed by his decision not to liquidate the investment now that he has become a millionaire (on paper).
What Happened: Contessoto told The New York Times that when he made the decision that made him a millionaire, his friends and family called him “nuts.”
They said it’s a joke coin. His parents told him that It’s a meme, after all its doesn’t have a future.
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Even, the markets aren’t acting rationally these days, and Dogecoin has evolved to become a network worth more than blue-chip companies Ford Motor (NYSE: F) and Kraft Heinz (NYSE: KH) (NASDAQ: KHC).
Contessoto, like many others, learned about Dogecoin on Reddit. Then he took the unusual step of maxing out his credit cards, borrowing money on Robinhood, and spending everything he had.
Contessoto‘s investment is now worth about $2 million. He is an ideal example of “a new kind of hyper-online investor who is winning by applying the skills of the digital attention economy — posting memes, cultivating momentum, and generating endless streams of content for social media — to the capital markets,” according to the report.
Such investors aren’t interested in making sound investment decisions. Rather than investing based on fundamentals, they invest based on what is amusing or futuristic-looking, or how many celebrities are tweeting about it.
The author said that Memes are the millennials’ language. She added, now we’ll have a meme that corresponds to a currency.
Contessoto argues that “Dogecoin has the best branding of all cryptocurrency,” and that while all the other coins seem “super high tech and futuristic,” Dogecoin “just looks like: ‘Hey, guys, what’s up?'”
Although this may not be the most genuine reasoning. But he claims that it has a significant advantage for the newcomers to cryptocurrency who may choose to invest in something more exciting and recognizable.
This Dogecoin millionaire claims the coin’s price will continue to rise, and he doesn’t want to miss out on potential gains. He has already lost hundreds of thousands of dollars since the coin’s all-time peak, but he intends to keep it and only sell 10% next year, when his profits will be counted as long-term capital gains and taxed at a lower rate.