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<\/p>\nRecently, 33-year-old Glauber Contessoto, who works at a music company in Los Angles, told CNBC why he decided to invest everything he had in Dogecoin ($DOGE).<\/p>\n
Contessoto told CNBC\u2019s \u201cMake It\u201d that after learning about the meme cryptocurrency on Reddit, on February 5, when $DOGE was trading around 4.5 cents, he invested over $180,000 in Dogecoin.<\/p>\n
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Contessoto said that there were three main reasons why he decided to invest in Dogecoin: (1) he loved the Dogecoin community on Reddit; (2) he liked the \u201cShiba Inu\u201d meme; and (3) Elon Musk\u2019s Dogecoin advocacy.<\/p>\n
Contessoto told CNBC that since \u201che didn\u2019t have disposable income to buy dogecoin,\u201d he \u201cnot only used all his savings, but he also sold all the stock he owned, including shares of Tesla and Uber, and\u00a0invested on margin\u00a0by\u00a0borrowing money from Robinhood\u00a0via the app.\u201d<\/p>\n
On April 16, he took to Reddit to make a post titled \u201cHey guys I just became a Dogecoin millionaire\u201d in subreddit \u201c\/r\/dogecoin\u201d. <\/p>\n
Interestingly, some of the details of his alleged Dogecoin purchase were different here from what he told CNBC for the article they published on April 22.<\/p>\n
In his Reddit post, he said:<\/p>\n
\u201cI bought on February 5th 2021 about 5 million dogecoins at about 4 cents \ud83d\ude80 69 days later on April 15th 2021 \u2013 I became a millionaire\u2026<\/em>\u201c<\/p>\n According to what he told CNBC, he has no plans to sell his Dogecoin holdings any time soon:<\/p>\n \u201cMy plan is, once I hit $10 million, then I\u2019ll take out 10%,\u201d he says. In his opinion, \u201cthis stuff is going to continue to grow.<\/em>\u201c<\/p>\n On April 26, Meltem Demirors, chief strategy officer at CoinShares, told CNBC:<\/p>\n