Here is another cryptocurrency success story to start your weekend. Glauber Contessoto, a music company employee plunged his entire $180,000 savings into Dogecoin in February. Yesterday, he announced to the Reddit community that he is now a Crypto millionaire.
Glauber Contessoto while speaking to CNBC explained how the Reddit community and Elon Musk inspired his bold decision and how that has paid off.
What Contessoto said to CNBC
Glauber, while speaking to CNBC explained how he took all his savings and also withdrew his Tesla and Uber stocks to invest in Dogecoin. He bought Dogecoin in February when it still sold for 4.5 cents. He invested $180,000 back then and that amount has grown to $1,081,441 as of yesterday, April 30. He shared the great news with his Reddit community who he stated inspired his investment.
He also backed Dogecoin because Elon Musk, who he thinks is a genius, has repeatedly promoted it.
Dogecoin growth behind Contessoto’s success
According to Coindesk, Dogecoin is currently at 36 cents this morning.
Crypto aftershocks send Doge crashing by 10%
The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange.
The Crypto market is currently undergoing some form of price correction amid intensified profit-taking and fear of regulatory oversights, thereby pushing Dogecoin below the 60-cent price levels.
On the broader crypto market, for the day, about 171,444 traders were liquidated. The largest single liquidation order happened on Bybit-ETH valued at $5.98 million.
The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange, after trading near 70 cents some hours ago.
Consequently, market pundits argue that the crypto asset doesn’t have any real case use.
“I worry that, once the enthusiasm rolls out, there are no developers on it, there are no institutions coming in. But it’s got this moniker of the people’s coin right now,” Galaxy Digital’s Michael Novogratz said on Squawk Box.
Dark clouds seem to be building upon recent reports that the Crypto market is about to face a wave of regulatory oversights when Janet Yellen the custodian of the world’s most powerful economy stated that the United States is yet to have the needed framework to deal with a host of money laundering, terrorist financing, and consumer risk protection that crypto raises.
Also, the U.S. Securities and Exchange Commission Chair, Gary Gensler advised U.S lawmakers on providing more regulatory oversight to the cryptoverse.
“Right now, the exchanges, trading in these crypto assets, do not have a regulatory framework either at the SEC or our sister agency, the Commodity Futures Trading Commission,” said Gensler, who further added, “there’s not a market regulator around these crypto exchanges, and thus, there’s really no protection against fraud or manipulation.”
That being said, the crypto’s stellar performance over the past few months can’t be ignored as Dogecoin maximalists try to convince the world that crypto is a serious asset class with powerful billionaires like Elon Musk and Mark Cuban giving the Crypto asset endless support.
Crypto experts further anticipate that ongoing institutional interest will make it difficult to predict if the Doge bubble is ripe as they try to take advantage of its incredible bullish momentum, which could in turn, push the crypto value higher.
Altcoins giving investors weekly returns of at least 100%
4 cryptos are outperforming Bitcoin by a long distance, having registered weekly gains of more than 100% at press time.
The world’s most popular crypto, Bitcoin is presently trading above the $55,000 price levels amid profit-taking seen across market spectrums that currently leaves the world’s flagship crypto with weekly gains of about just 3.71%.
Still, 4 cryptos are outperforming Bitcoin by a long distance, having registered weekly gains of at least more than 100% at the time of drafting this report.
The leader of the pack is Telcoin which rallied by 291% in the last 7 days. The fast-rising crypto is an Ethereum-based decentralized crypto created about 4 years ago in Singapore to be the bridge between blockchain, cryptos, and the telecom industry.
The crypto project was created solely to partner with leading American Telcom firms in curbing the obstacle that is prevalent between billing platforms and mobile money, by providing users with very fast, cheap remittances fees when compared to mobile money platforms.
The crypto asset is an ERC-20 token meaning it thrives on the Ethereum Blockchain.
Ethereum Classic comes in second with a weekly gain of 166%. The five-year-old crypto is a hard fork of Ethereum, solely designed as a smart contract network, with the capability of supporting decentralized applications. Its native token is ETC.
The crypto asset gained its relevance for preserving the integrity of the existing Ethereum blockchain after a major hacking event that led to millions of Ethers stolen.
OKB comes in third on the account that it rallied by 117% over the past week, OKB is a fast-rising altcoin that operates on the Ethereum blockchain. The crypto asset currently has a supply of 300,000,000 with 60,000,000 in circulation.
The utility crypto is issued by the OK Blockchain Foundation with the major objective of connecting prospective crypto projects to OKEx users as well as investors.
The fourth is Dogecoin with a weekly gain of 102% at press time. The popular crypto asset facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
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