A DOGECOIN millionaire who credits his wealth to Elon Musk says he has invested £94,000 into another memecoin.
Glauber Contessoto, 33, made headlines in April when he claimed to have invested his life savings – $250,000 (£189,000) – in Doge before its price surged.
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He then posted a screenshot showing his holdings on Robinhood which were $1,081,441.29 (£755,000).
The American now says he’s investing $125,000 (£94,000) into a memecoin called Floki Inu.
Speaking to Benzinga, Glauber said his “new goal is to have 1 billion Floki tokens, so this would be about another $100K or so invested into Floki.”
He says he was attracted to Floki because of the video game project associated with it.
The coin’s team is developing a play-to-earn non-fungible token (NFT) videogame called Valhalla which Glauber calls “Axie Infinity meets Doge.”
He says he’s not concerned about dips in the currency’s value insisting “depending on the markets FLOKI might take a few more dips before its meteoric rise.”
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Crypto can be riskier than other investments because they are volatile and speculative – their price often rises and falls very quickly, sometimes seemingly for no reason.
Many cryptocurrencies have a short track record, making them difficult to understand and predict.
This type of investment is also not protected by the regulator which means you have no protection if things go wrong.
Meanwhile, Dogecoin’s price surged again this week after another tweet by its biggest fan Elon Musk.
The currency spiked as much as 30 per cent following the Tesla chief’s announcement that his firm would start accepting the coin as payment for its merchandise – but not its cars.
He tweeted: “Tesla will make some merch buyable with Doge & see how it goes.”
Glauber says Musk inspired him to invest in Doge.
He told CNBC “a reason why I put my savings into Dogecoin is Elon Musk.”
Some experts believe the billionaire’s support for the coin isn’t serious as Doge was started as a joke in 2013.
But Glauber says “I think the guy is a genius.”
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The risks of buying with cryptocurrencies
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.
What is the cryptocurrency Dogecoin?
