A 33-year-old Los Angeles resident claimed that he became a Dogecoin millionaire in “69 days” after investing about US$180,000 (approximately 1.3 million rupees) in the Mime cryptocurrency on February 5th. Its price is about 0.045 cents (about 3 rupees). Glauber Contessoto posted a video on YouTube in which he explained why he decided to invest in Dogecoin. The relaxed dog-themed cryptocurrency surged to an all-time high on April 16, when it reached $0.45 (approximately 34 rupees). The investor said that as a result, his initial investment has grown to nearly 2 million US dollars (about 150 million rupees).

However, experts warn about the risks involved in investing in such digital currencies because the prices of these volatile assets may fall sharply as they rise. Likewise, there is no guarantee that cash will be converted back to actual currency. For those who can afford to take risks, the rise of cryptocurrency is a windfall.

In the video, Contessoto said that he was inspired by Tesla CEO Elon Musk and invested his money in Dogecoin. Contessoto said he works for a music company in Los Angeles and comes from a middle-class family. He said that in order to invest in digital assets, he used all his savings and sold all the stocks he owns, including Tesla and Uber.

He invested through his Robinhood account and posted a screenshot of his millionaire status on Reddit. Contessoto’s position has increased by 85% and attracted more than 5,000 comments, but his claims cannot be independently verified.

Is cryptocurrency legal in India?

At the time of writing, cryptocurrency is still legal in India, but the government has proposed a regulation to regulate cryptocurrency transactions. People have been talking about banning the use of “all private cryptocurrencies” in the country, but the Reserve Bank of India has proposed banning the use of this cryptocurrency.

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However, the cryptocurrency industry in India is still developing rapidly, and you can buy cryptocurrencies here in many markets. Many of these markets also continue to attract capital.

What is the relationship between Elon Musk and Dogecoin?

The rise of Dogecoin was severely affected by Musk, and Musk’s tweets have caused the price of cryptocurrency to soar again and again. On April 15, he posted a picture of “Moon Dog Barking” painted by Spanish artist in 1926 on Twitter, and changed the title of the artwork “Moon Dog Barking” to refer to cryptocurrency. This brings the value of Dogecoin to an all-time high.

In February, Musk tweeted a series of tweets praising Dogecoin, bringing the value of meme-based cryptocurrencies to crazy levels. He first tweeted a photo of a rocket reaching the moon, and then followed up with a one-word tweet “Doge”.

Dogecoin was launched in 2013 and is marked by the image of a Shiba Inu (Shiba Inu) dog. This is the idea of ​​technicians Billy Markus and Jackson Palmer, who made a joke when the transaction price was about 0.000232 US dollars (0.017 rupees) in 2013, but they avoided the traditional bank fees.

Since its record high on April 16, this cryptocurrency has been in a state of decline. At the time of writing, on Wednesday, its value was approximately Rs. It’s about 22 o’clock.

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