‘I had £7,500 in profit’: Meet the young people getting minted from Dogecoin
‘Unless I can buy several Ferraris, I am not selling’
Over lockdown, cryptocurrency investment has reached its peak in popularity with investors large and small. Whilst there’s a broad offering to pick from through sites like Binance and Coinbase, the coin that has held the largest share of celebrity and media attention in recent weeks is Dogecoin.
What started as a meme currency has grown exponentially since its inception in 2013 – if you were to buy £1,000 of Dogecoin in May 2019 and sit on it, today you’d have a little under £200,000. Whilst nobody could’ve foreseen this astronomic rise in value, some lucky people still managed to realise the hype before it became mainstream – and made some pretty sizeable amounts whilst doing so.
Lee Morris, who runs a meal prep business in Liverpool, first bought just £40 of Dogecoin after seeing it online and thinking it was a laugh. When it hit five pence per coin he put £300 in which doubled, so then he put £1,000 in.
“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 get involved has actually made it a lot more serious.”
Overall Lee has invested around £2,500 which, when Dogecoin surged to its highest point recently, could’ve returned a £7,500 profit had he fully cashed in. “It’s at around £1,000 less now that it has slightly dipped again. I took out some of my initial investment too so it’s mainly profit riding itself now.”
Cryptocurrencies require a lot more monitoring than other investments as they fluctuate so quickly, and Lee has price notifications turned on to let him know if certain currencies that he owns go up or down. “I’m checking non-stop all day really, although I’ll never fully sell them all as I don’t want to be one of those people who sells too early and kicks themselves if it shoots up in price.
“I’m constantly on the fence though.”
Chris Cole first bought Dogecoin in February 2021, having been an early Bitcoin investor and seeing that Dogecoin was garnering a similar level of hype – but this time with celebrity endorsements as an added incentive.
“I remember thinking that people like Elon Musk and Mark Cuban would have a huge influence on the type of investors that speculate in crypto,” he told The Tab. “I’ll never forget when Musk tweeted ‘Use Signal’ and (the wrong) Signal stocks rose 500 per cent, so it was a no brainer to take the risk.”
Chris currently holds around 10,000 coins which, although he maintains is “not enough”, is valued at around £3,500. With an average entry price of four cents per coin, his portfolio is doing very well with DOGE currently floating at around 50 cents.
“Elon has done a great job,” he said, “but in my view what’s really contributed to the success of Dogecoin and crypto generally is how big companies like Tesla, Square and MicroStrategy are embracing the technology as a real, functional currency. The fact I can now buy my americano from Starbucks with my bitcoin is a game-changer.”
The holding of crypto is a waiting game that balances very carefully on the ever-changing value of the currency. Many investors choose to sell in increments when they see profit, with Chris telling The Tab that he can’t see himself selling any time soon: “Unless I can buy several Ferraris, I am not selling. I would rather lose the lot than miss out on a serious payday.”