A DOGECOIN millionaire who credits his wealth to Elon Musk says he invested £94,000 in another memecoin.
Glauber Contessoto, 33, made headlines in April when he announced he had invested his life savings – $250,000 (£189,000) – in Doge before its price skyrocketed.
He then posted a screenshot showing his property on Robin Hood hero is $1,081,441.29 (£755,000).
The American now says he is investing $125,000 (£94,000) in a memecoin called Floki Inu.
Talking to Benzinga“His new goal is to have 1 billion Floki tokens, so this would be around another $100k or so invested in Floki,” Glauber said.
He said he was attracted to Floki because of the video game project attached to it.
The coin’s team is developing a playable video game to earn non-fungible tokens (NFTs) called Valhalla, which Glauber calls “Axie Infinity meets Doge.”
He said that he is not worried about a drop in the value of the coin and emphasized that “depending on the market FLOKI could take a few more drops before it goes up”.
Cryptocurrencies can be riskier than other investments because they are volatile and speculative – their prices often rise and fall very quickly, sometimes for seemingly no reason.
A lot of electronic money have a short track record, making them difficult to understand and predict.
This type of investment is also not regulated by the regulator, which means you won’t be protected if things don’t go your way.
Meanwhile, the Dogecoin price rallied again this week following another tweet by Elon Musk’s biggest fan.
The coin spiked as much as 30% following the Tesla CEO’s announcement that his company would start accepting the coin as payment for its goods – but not cars.
He tweeted: “Tesla will make some merchandise purchasable with Doge and see how it goes.”
Glauber says Musk inspired him to invest in Doge.
I said CNBC “One reason why I put my savings in Dogecoin is Elon Musk.”
Some experts believe that the billionaire’s backing for the coin is not serious because Doge was started as a joke in 2013.
But Glauber said: “I think the guy is a genius.”
Risks of buying with cryptocurrencies
Investing and buying with cryptocurrencies like Bitcoin is very risky.
Their value is volatile and the City watchdog the Financial Conduct Authority has warned investors to be prepared to lose all of their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with cryptocurrency.
For example, Bitcoin has experienced dramatic price swings in recent months, and prices can change almost hourly.
Bitcoin price was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% discount.
These price movements are risky for a business because you can sell an item with Bitcoin at one price and the value can drop shortly after, leaving you with less money from a purchase or sale.
Similarly, the Bitcoin price has increased by more than 21% since the start of this week, so it can be difficult for buyers to get an accurate idea of the price of an item if its value changes on a daily basis.
https://www.thesun.ie/money/8073465/dogecoin-millionaire-elon-musk-memecoin/ I became a Dogecoin millionaire thanks to Elon Musk