- Insider spoke with three retail investors about their experiences investing in the meme-based cryptocurrency dogecoin.
- One college student said he made over $50,000 on his dogecoin investment.
- Another said he’s putting his $18,000 Dogecoin profit towards opening a restaurant franchise.
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Even after coming off of its ‘Doge Day’ all time-high of close to $0.42, dogecoin has staged an earth-shattering rally in 2021. As of Friday April 23, the meme-based cryptocurrency has gained 4,791.96% year-to-date.
Insider spoke with three retail investors about their experiences buying the coin.
Kevin Lingard, 23, college student
Kevin Lingard told Insider he bought about $800 worth of Doge in July 2020 as his first investment ever. He said the price of dogecoin was about $0.003, and the coin looked cheap to him. He didn’t think it would go any lower.
According to an account screenshot viewed by Insider, Lingard holds 230,106 Dogecoin’s, worth roughly $53,733 as of Friday, April 23. Lingard has held on to every single dogecoin he purchased last summer and said he’d only consider selling it if it went past $1.
“Honestly, I feel…it’ll keep going up,” Lingard told Insider. “I honestly see it hitting a dollar in the near future, even at the end of this year or next year… And also for tax purposes, I want to keep the coin for at least a year, so I have to pay less taxes if I were to cash it out.”
He said that he’s learned the value of patience from investing in dogecoin and other cryptos.
“You never know where a coin will go. Some days it will have bad days, some days it’ll be significantly [higher]. Like right now, Dogecoin is only at 23 cents and it was at 40 cents the other day, but just as easily as it shot up to 40 [cents], it could shoot up to 70 [cents] next week. You just never know. You just gotta be patient and ride the wave.”
If he ever sells his doge, he’s planning on reinvesting the profits into ethereum.
Nahek Hussain, 22, grad student
Nahek Hussain told Insider he heard about “Doge Day” on Twitter and bought in at $0.29.
In the week leading up to April 20, Hussain said he day traded $7,000 worth of dogecoin and held another $7,000. He said he sold the coin on April 20 when it was at $0.42.
“I had a feeling that as soon as it hit that, it would drop,” Hussain said. “I was going to reinvest again but I just saw it constantly coming down…and then I just kept my profits, which was $18,000.”
He was fairly certain that dogecoin would go up when he invested in it, because it’s like a “hype stock” akin to GameStop, AMC, and Tesla, that tends to move up on momentum.
“I mean, if people are talking about it, it’s bound to go up, and especially if it was trending on Twitter for like the last week, people are expecting something. People are not going to shy away from this because in this market, people…are coming together and with wall street bets and all that going on, people know exactly what stocks are going to basically go up and you just play the hype.”
He told Insider he made $18,000 from Dogecoin and he’s planning to put that money towards opening up a Nashville Hot Chicken franchise.
Mike Corrigan, 23, day trader
Mike Corrigan told Insider he views dogecoin as an “entirely speculative trade” and typically trades it in very short day trades. He said he’s uncomfortable parking his money in Dogecoin for the long term because it has an infinite supply.
In January, Corrigan bought 75,000 dogecoins in a 15 minute trade.
“I bought the coins, and then sold them 15 minutes later and made $500 profit,” Corrigan told Insider. “I was more than happy with that.”
Corrigan also tried to trade on Doge Day, but said he lost about $200 on the trade.
“I lost a couple hundred dollars, but it wasn’t really a big deal to me because I went in with the mindset that it was a lottery play. There was a 95% chance I was going to lose this just with all the hype surrounding it. And it was still fun and I enjoyed it,” Corrigan said.
He told Insider he would consider investing a few hundred dollars more in Doge and then “forgetting about it” for some time but he doesn’t currently doesn’t own any Dogecoin.