A millennial investor recently explained his story of losing nearly £2,000 in savings accumulated during the COVID-19 lockdown by investing in Dogecoin.
In an article by The Sun, 27-year-old Frank Bird explained his experience of losing money by trying to capitalize on the internet’s obsession for the memecoin DOGE. The report claims Bird invested £2,000 into Dogecoin, a sum he had managed to accumulate in savings during the coronavirus lockdown.
Bird bought into Dogecoin in early May while the price was still surging, but failed to capitalize on the gains. Now the young investor has been forced to watch the price of DOGE plummet, alongside his investment and savings locked up in the falling altcoin.
The report claims Bird faces “losing almost all of the money” he originally invested if he were to cash out at the current price.
Bird, an insurance executive living in London, told The Sun,
I was advised by a friend to invest in Dogecoin and there was also a lot on social media about it and so seemed like a good idea.
Bird expected to make a “quick profit” but putting his lockdown savings into DOGE during the first week of May, with the intention of selling after a week or two.
But the price tanked almost immediately, making it impossible for me to take out the money without losing out.
Bird said he was still closely following the price of DOGE but may be forced to cut his losses after another crash in Dogecoin’s price to $0.204. The report claims Bird first bought into Dogecoin when the price was around $0.71 and is down roughly 70 percent on his investment.
The young investor lamented his decision to put money into Dogecoin as opposed to other assets like Bitcoin, saying he had a friend who made “loads of money” earlier in the year via the crypto markets.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.