For one, it’s a perfect coin for millennials. Memes have become the social media currency for millennials. So it’s not surprising, he said, that a meme-based currency became a real thing for young people. As we know, young people are investing heavily in Dogecoin.
And Contessoto said he enjoys Dogecoin’s branding.
“Dogecoin has the best branding of all cryptocurrency,” he told The New York Times. “If you put in front of me all the symbols of Ethereum, Bitcoin, Litecoin — everything just looks super high tech and futuristic. And Dogecoin just looks like: Hey, guys, what’s up?”
Indeed, Contessoto has gone viral before for his investment. He is one example of a success story related to cryptocurrency, as I wrote about for the Deseret News.
Contest told CNBC back in April that he invested $180,000 into Dogecoin on Feb. 5 when a single dogecoin was worth $0.045. He said he became a Dogecoin millionaire by April 15.
- “I was excited about it. I was very new to Reddit, so I wanted to make a post,” he told CNBC.
However, not everyone has a Dogecoin success story. For example, some Dogecoin investors became the victims of a scam where con artists created fake websites for people to invest their dogecoins with the fake promise of doubling their money, as I explained for the Deseret News.
Investing in a volatile market like Dogecoin is problematic. So it’s important to keep an eye on the market and make the best decisions based on what you’re comfortable with.
- “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.