“If I can’t buy several Ferraris, I won’t sell.”
With the lockdown, cryptocurrency investments have peaked in popularity with investors large and small. While there is a wide range to choose from on sites like Binance and Coinbase, Dogecoin is the coin that has had the largest share of celebrity and media attention in recent weeks.
What started out as a meme currency has grown exponentially since its inception in 2013. If you bought and sat on £ 1,000 Dogecoin in May 2019, you’d have a little less than £ 200,000 today. While no one could have foreseen this astronomical increase in value, some lucky people managed to catch the hype before it went mainstream – making some pretty big sums in the process.
Lee Morris, who runs a meal prep shop in Liverpool, first bought just 40 pounds of Dogecoin after seeing it online and thought it was a laugh. When it reached five pence a coin he wagered £ 300, which doubled, and then wagered £ 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 made.”
In total, Lee has around £ 2,500 invested which, when Dogecoin recently peaked, could have made a profit of £ 7,500 if redeemed in full. I also made part of my initial investment so it is now mostly about profit. “
Cryptocurrencies require a lot more monitoring than other assets 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 all day without a break even though I’ll never sell them all in full as I don’t want to be one of those people who sell too early and kick myself when the price goes up.
“But I’m always on the fence.”
Chris Cole first bought Dogecoin in February 2021 after being an early Bitcoin investor and noting that Dogecoin was seeing similar hype – but this time with celebrities as an added incentive.
“I remember 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 when Musk tweeted ‘Use Signal’ and (the wrong) Signal stocks are up 500 percent. So it was a no-brainer to take the risk. “
Chris currently holds around 10,000 coins, which, despite claiming “not enough”, is worth around £ 3,500. With an average starting price of four cents per coin, his portfolio is very good, as DOGE is currently around 50 cents.
“Elon did a great job,” he said, “but I think the success of Dogecoin and Crypto in general has really helped big companies like Tesla, Square and MicroStrategy see technology as a real, functional currency.” The fact that I can now buy my Americano with my Bitcoin at Starbucks is a cornerstone. “
Holding crypto is a waiting game where the ever changing value of the currency is weighed very carefully. Many investors choose to gradually sell when they see profit. Chris tells The Tab that he can’t see himself selling soon: “If I can’t buy several Ferraris, I won’t sell. I’d rather lose the lot than miss a serious payday. “
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