Then, he watched his phone obsessively as Dogecoin became an internet phenomenon whose value eclipsed that of blue-chip companies like Twitter and General Motors. He maxed out his credit cards, borrowed money using Robinhood’s margin trading feature and spent everything he had on the digital currency - investing about $250,000 in all. In February, after reading a Reddit thread about Dogecoin’s potential, Mr. He is among the many thrill-seeking amateurs who have leapt headfirst into the markets in recent months, using stock-trading apps like Robinhood to chase outsize gains on risky, speculative bets. Contessoto, 33, who works at a Los Angeles hip-hop media company, is no ordinary buy-and-hold investor. And investing money in obscure cryptocurrencies has, historically, been akin to tossing it onto a bonfire.īut Mr.
After all, Dogecoin is a joke - a digital currency started in 2013 by a pair of programmers who decided to spoof the cryptocurrency craze by creating their own virtual money based on a meme about Doge, a talking Shiba Inu puppy. “They were all like, you’re crazy,” he said. Last February, when Glauber Contessoto decided to invest his life savings in Dogecoin, his friends had concerns.
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