A Dogecoin investor has told Newsweek of how he became a millionaire after investing his life savings in the meme cryptocurrency. Meanwhile, an expert has warned about the risks of doing so.
The 33-year-old Los Angeles resident, who wanted to remain anonymous, claimed he invested all of his $188,000 life savings into it in February this year.
As a result the investor said his initial investment has grown to almost $2 million.
In a video shared with Newsweek, the user showed a screen recording of his Robinhood trading portfolio taken back when Dogecoin was worth $0.05 in February. He concluded the video with: “Clearly the volatility is very high, so I am not a financial advisor, this is not financial advice—purely entertainment.”
He had purchased just over five million of the tokens. Screenshots seen by Newsweek showed the total value had increased to $1,881,533 by Friday morning ET.
The investor first shared the news he had become a millionaire in a Reddit post on Thursday. It gained nearly 70,000 upvotes on the website.
He told Newsweek: “I feel absolutely incredible right now. I grew up very poor, I don’t come from money so I’ve worked dead-end jobs throughout my life to make ends meet.
“I currently have a regular 9 to 5 job right now and I basically live paycheck to paycheck. I also own a super beat-up 2004 Toyota Corolla that has over 200K miles on it and completely falling apart.”
He first started investing in the stock market years ago, incrementally putting bits of his paycheck into shares he thought were undervalued. He also said the rallies on GameStop shares earlier this year following investment by Reddit users influenced his outlook.