This Man Drained The Contents Of His Savings For The Sake Of Investing In Dogecoin, Lucky Or Lucky?

Dogecoin Investments (Bloomberg)

JAKARTA - Investing in crypto money is indeed promising. Even a man in Los Angeles, United States (US), is willing to spend the contents of his savings to invest in cryptocurrency Dogecoin (DOGE).

The 33-year-old man chose to buy 5 million Dogecoin with his savings worth 188 US dollars (around Rp 2.73 billion). It is currently known that the balance on the Robinhood crypto trading platform is worth US $ 1.88 million (Rp. 27.26 billion).

“I found Dogecoin, and did intensive research for a week on all its pros and cons. I then decided (Dogecoin) was very undervalued (under its real price), "he said.

“I sold all of my stock and emptied my bank account and put it all in Dogecoin. The rest is history, ”added the unnamed man as quoted by Newsweek on Thursday, April 22.

Apart from him, there is also one Reddit user who has invested in Dogecoin and made a fortune. This Reddit user uploads Dogecoin ownership in Robinhood. You can see that the balance in his account amounted to US $ 1.08 (around Rp. 15.7 billion).

"Hi friends, I just became a millionaire from Dogecoin," he said as quoted by CNBC International.

Recently Dogecoin has become increasingly popular among cryptocurrency enthusiasts. On April 19, Dogecoin had a total market capital or market capitalization of US $ 52.65 billion (around Rp. 763.425 trillion).

However, DOGE is different from other crypto assets. Dogecoin experienced an all time high last week reaching 0.438 US dollars, and its return also reached 6000 percent.

On the other hand, crypto money also often worries investors because of its high volatility. David Kimberley as a Freetrade analyst reveals that the skyrocketing price of Dogecoin is a classic example of a stupid theory at play.

Kimberli reminded that people who buy it are not because the crypto money is valuable, but only hope that the crypto asset can be bought by people so that the price will increase. With this mechanism, a person considers himself to be able to generate profits in a short time.

“When everyone else does this, the bubbles eventually have to burst and you will be left if you don't make it out on time. And it's almost impossible to say when that will happen, "he added.

In addition, one of the founders of DOGE, Billy Markus, appealed to investors not to get dissolved in the Dogecoin euphoria. He also emphasized the importance of maintaining common sense when investing and continuing to carry out his daily life such as providing for his family, paying bills and so on.

"Euphoria is incredible medicine, but at least keep paying your bills and feeding your family and having a safe reserve fund," said Markus.