Glauber Contessoto became a Dogecoin millionaire after investing in the cryptocurrency, showing that there have been some success stories from the investment trend.
Contessoto told CNBC that he invested close to $180,000 into Dogecoin on Feb. 5 when the cryptocurrency cost about $0.045. He then decided to watch the cryptocurrency to see what happened.
And on April 15 — when the cryptocurrency reached close to $0.20 because of a recent spike — Contessoto noted that he became a Dogecoin millionaire. His investment of $180,000 grew to over $1 million in about two months.
“I was excited about it. I was very new to Reddit, so I wanted to make a post,” he told CNBC.
Dogecoin has been trending over the last few weeks, mostly a result of social media users deciding to invest more in the product. In fact, CNN reported that Dogecoin spiked by 20% on Tuesday because of Doge Day, a holiday created by fans honoring the meme-based cryptocurrency.
The form of cryptocurrency was once valued at $0.0023 cents in 2020. It has since jumped to $0.42. And though it has dropped off a bit, that’s a massive climb from where it was.
Of course, the success stories aren’t true for everyone. Investing can be a gamble because you’re putting money into something that might not be a sure-fire return. Benzinga reports that interested investors will want to monitor trends to see if it’s worth investing in, and it might not always be worth it.
“As with all investments, due diligence is the key. Investors should consider the demand and supply of a coin, its market capitalization, use cases, underlying technology, and most of all their risk appetite before investing in any cryptocurrency. In short, it is not worth buying any cryptocurrency simply because it trades at a low price,” according to Benzinga.