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The young people get rich with Dogecoin

“If I can’t buy several Ferraris, I won’t sell”

After the lockdown, cryptocurrency investments have peaked in popularity with investors large and small. While sites like Binance and Coinbase have a wide range to choose from, Dogecoin is the coin that has had the largest share of celebrity and media attention in recent weeks.

What started as a meme currency has grown exponentially since its inception in 2013 – if you bought £ 1,000 Dogecoin in May 2019 and sat on it, you’d have a little under £ 200,000 today. While no one could have foreseen this astronomical rise in value, some lucky people still managed to catch the hype before it went mainstream – and made quite substantial sums of money in the process.

“I don’t want to be one of those people who sell too early and kick themselves when the price shoots up”

Lee Morris, who runs a food prep shop in Liverpool, first bought just 40 pounds of Dogecoin after seeing it online and thinking it was a laugh. When he reached five pence a coin he pocketed £ 300 which doubled so he pocketed £ 1,000.

“I remember Doge memes from years ago,” Lee told The Tab, “and I always thought it was a laugh, but seeing people like Elon Musk and other celebrities getting involved actually made it a lot more serious did.”

In total, Lee has invested around £ 2,500 which, when Dogecoin recently peaked, could have made a profit of £ 7,500 had it been redeemed in full. I also took over part of my initial investment, so now it’s mostly profit that counts. “

Cryptocurrencies require a lot more monitoring than other investments because they fluctuate so quickly, and Lee has enabled price notifications to let him know if certain currencies he owns are going up or down. “I really check nonstop all day even though I’ll never sell them all because I don’t want to be one of those people who sell too early and kick myself when the price skyrockets.

“But I’m always on the fence.”

Chris Cole, Dogecoin

Chris was an early investor in Bitcoin

Chris Cole first bought Dogecoin in February 2021 after being an early Bitcoin investor and seeing Dogecoin experience similar hype – but this time with celebrity support as an added incentive.

“I remember thinking that people like Elon Musk and Mark Cuban would have a huge impact on the type of investors who speculate in crypto,” he told The Tab. “I’ll never forget how Musk’s use Signal ‘tweeted that Signal (the wrong) stocks were up 500 percent, so it wasn’t a no-brainer to take the risk. “

Chris currently holds around 10,000 coins which, despite claiming “not enough”, are worth around £ 3,500. With an average starting price of four cents per coin, his portfolio does very well, DOGE is currently fluctuating at around 50 cents.

“Elon did a great job,” he said, “but in my opinion the success of Dogecoin and crypto in general has really contributed to how big companies like Tesla, Square and MicroStrategy are embracing technology as a real, functional currency. The fact that I can now buy my Americano with my Bitcoin at Starbucks is a turning point. “

Holding crypto is a waiting game that weighs very carefully on the ever changing value of the currency. Many investors choose to sell gradually when they see a profit. Chris tells The Tab that he can’t imagine selling anytime soon: “If I can’t buy multiple Ferraris, I won’t sell. I’d rather lose a lot than miss a serious payday. “

Similar stories recommended by this author:

• Dogecoin: what is it, how do I buy it and how can I make Dogecoin rich?

• How To Buy Dogecoin In The UK: A Step-by-Step Guide For Beginners

• Ethereum: What is it, how do I buy it and will Ethereum make me rich?

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