what's up gramids guys here so almost a year ago i met up with a man who maxed out his credit cards invested his life savings and threw it all in a moonshot opportunity that he believed would make him obscenely rich dogecoin just 69 days after his initial investment he was able to turn his 180 000 into a million dollars giving him mainstream attention as the racks to riches dogecoin millionaire a few days after that andre jake met up with the dogecoin millionaire in person where they went through a heated debate about whether or not he
should sell everything at 25 cents or diamond hands until the price of dogecoin reaches a dollar long story short he didn't sell and initially this worked to his favor because the longer he held on the more his account grew the more praise he got and not too much longer after that his account grew to a peak of nearly three million dollars at which point he quit his job in favor of this new opportunity now again you would think that turning a hundred and eighty thousand dollars into three million dollars in three months would prompt you
to sell everything buy a house in cash and live off the returns the rest of your life but nope he wanted to wait for it to hit a dollar and that's when i got a knock at the front door sure enough it was them and after begging him to sell and lock in the profits he kept holding and holding and holding to the point where now his dogecoin portfolio has lost about 90 from the peak and is currently worth just over 300 000 so today one year later i've reconnected with the dogecoin millionaire to see
his account here's thoughts and get an update on one of the craziest stories i have ever covered here in the channel first we got to talk about the timeline of dogecoin yes it is true that it started off as a joke between its creators in 2013 it was never meant to be taken seriously and it was never designed to be used as a currency but the lovable nature of the doge meme made it irresistible for people wanting to buy and hold on to it and over time it began growing in popularity and price just two
years ago it was trading at one fifth of one cent meaning had you just invested a thousand dollars today you would be at four thousand percent and your one thousand dollar investment would be worth forty thousand dollars so what happened to cause this insane rally and his doge pointed good value at today's prices well we should look to what started all of this in the first place and that's what brings us to a few main catalysts first trading on robinhood 2018 price 0.002 cents each in 2018 when robin had announced their cryptocurrency platform dogecoin was
added onto the list as an additional option that people could buy and sell that gave it significantly more exposure and allowed their users to buy in as they would any other stock which of course boosted up the price second tick tock 2020 price 0.0043 cents each shortly after the pandemic a viral video began appearing on tick tock known as the dogecoin challenge it made the argument that the value of dogecoin is practically worthless and if all 800 million users of tick tock each invested 25 they could drive up the price to a dollar and turn
that into a nearly ten thousand dollar profit well sure enough thanks to the virality of that video the price went up 43 in 48 hours and even though it didn't hit a dollar it was still very impressive third elon musk december 2020 price 0.003 cents each this is where elon musk tweets his support for dogecoin with just one word doge sure enough this increased the price 30 in 24 hours and that is where things started getting out of control fourth reddit january 2021 price one cent each just like wall street bets turned their attention to
gamestop and amc causing the price to skyrocket they also turned their attention to dogecoin which further soared another six hundred percent to a value of nearly four and a half cents each fifth elon musk again february 2021 price seven and a half cents each just as the reddit craze for dogecoin began to stabilize elon musk tweeted his support again calling it the people's crypto causing the price to go up almost 50 percent instantaneously six doge day april 20th 2021 priced 36 cents each leading up to this was a huge push of excitement supported by elon
musk continually tweeting about putting dogecoin on the moon billionaire mark cuban speaking in favor of it and a multitude of other businesses voicing their support to eventually accept it as payment that caused the price to go parabolic and the more media attention it got the higher it went which gave it more media attention and the cycle continued seventh the perfect storm may 2021 price 72 cents each i call this the perfect storm because multiple cattle is all converged at the exact same time causing it to almost hit a dollar several brokerages all incorporated dogecoin under
their platform and with elon musk's snl skit many people believed that the mere mention of it would cause the price to exceed a dollar however we have eighth the crash june 2021 price 30 cents each shortly after the dogecoin snl episode robin of trading temporarily crashed from all the activity causing the price to quickly and substantially fall at the same time the entire cryptocurrency market began to fall from environmental concerns along with security risks when the us seized a 2.3 million dollar bitcoin ransom ninth the crypto bear market june 2022 price eight cents each as
the federal reserve began pulling back on their stimulus and raising interest rates investors took a risk off approach as they sold their speculative investments causing the price to fall at the same time investor enthusiasm for meme coins began to dissipate sending dogecoin as well as nearly every other cryptocurrency into a slow decline where the bottom is anyone's guess so where do we stand as of today well in the past mark cuban stated that meme coins like doge only work if they gain utility and users use them for that utility or in other words because there's
an infinite number of dogecoin that can enter circulation at a rate of 5 billion a year the only way for it to consistently stabilize or increase in price is for more people to buy in and use it of course in terms of its growing popularity wordpress recently announced that they would allow dogecoin to be used as a form of payment gucci is rolling out dogecoin options in store and elon musk stated that spacex would soon be accepting dogecoin for merchandise however the co-creator of dogecoin recently had some choice words to say in regards to spacex
saying elon musk was and always will be a grifter but the world loves grifters they love the idea that they may also be a billionaire one day and that's the dream he's selling so in terms of where we are right now as well as the performance of my own cryptocurrency portfolio let's get a one year update for the dogecoin millionaire himself and see exactly how much his position is worth okay so now do you regret holding so long yeah you know i'm human uh yeah i should have sold some [Laughter] what if it doesn't recover
though if it doesn't recover see i look at dogecoin as like a savings account and i know that's very uh what's the word i'm looking for that's very irresponsible but my but my plan is this especially for this year it's um i'm going to continue investing i'm going to continue um buying crypto but i'm going to lean harder on ethereum on bitcoin you know uh probably some cardano are you doing any other investing in the stock market have you thought about maybe a good index fund honestly my like my biggest purchase in the stock market
was tesla so if if i was to go back into the stock market i'd probably buy tesla i'd probably buy facebook i'd probably buy some apple like these are just long-term holds for me regardless but no plans for like a good index fund no i'm not why didn't you sell i would have felt like an impostor you know what i mean i'm over here preaching and telling people dogecoin is the way and and cryptocurrency is the future and and i just sell out as soon as i i'm able do you think with your following that
you're encouraging a risky behavior of speculative cryptocurrencies or or maybe things that have a high probability of of going up and down i don't tell people to yolo i don't that's not what i preach i'm not i'm not like everybody yolo like just throw all your money away like no i'm not doing that how do you deal with all the negativity or any of the i told you so comments or made a big mistake you should have listened how do you i'd get those almost daily yeah when you lay it all out i'm in a
better place today than i was a year ago i've i've made other investments you know what i mean i'm moved to vegas i got a house i'm buying a tesla you mean you're buying a tesla i'm gonna buy a tesla why because i want a new car what a tesla yeah why not what happened you you're driving a perfectly great car i liked your car why is it gonna be a test flight there's no ac man there's a lot of cars that have air conditioning you know my actual dream car is though delorean yeah you
can tell people that you're trying to go back in time i was just thinking that right now as far as my thoughts on the one hand it's not hard to believe that in 2021 some speculative markets just got wildly ahead of themselves and now we're seeing a new baseline value that's yet to find its true footing even though yes it is down about 90 from the peak so are quite a few speculative stay-at-home stocks although to provide a balanced argument both for and against its future as a currency here's what i have to say on
a positive note one dogecoin is actually pretty good when you use it for transactions it's said that dogecoin averages around one minute to add a new block of transactions to the dogecoin blockchain making the dogecoin network more than nine times faster at processing transactions than bitcoin on top of that the transaction fees are significantly lower than ethereum making it a better way to pay for small transactions second anecdotally there's quite a few people who believe it'll follow the same trajectory as bitcoin which routinely crashes 70 to 90 percent consolidates and then hits a new all-time
high so why not with dogecoin which is also risen fallen and recovered in the past not to mention even today after dropping from the peak it's still significantly higher than it was just over a year ago third i've also rarely ever seen a community as strong as dogecoin it seems to be held by the people who really believe in the principle they stand behind the message and they want to see it succeed and i believe it's those people who make dogecoin what it is today however all of that doesn't necessarily mean it's a good investment
and in terms of the downsides here are my thoughts first if it's ever going to be taken seriously as a currency that can't happen until the price stabilizes the fact is very few retailers would want to accept it as payment beyond a marketing ploy when its price fluctuates plus or minus 20 in a week so in my opinion the real value of dogecoin is gonna come when people move on to something else they forget about it and then it'll have a chance to find its true value second just because it's always recovered and gone up
in the past doesn't mean it always will the reality is for every example of bitcoin there are dozens or hundreds that rise fall rise fall and then just never go anywhere it's always possible that history doesn't repeat itself and it's up to you to understand the risks of investing in something as volatile as this and third in terms of value there's not a cap on supply meaning the number of dogecoin in circulation could be limitless this makes it significantly more difficult to go up in price without a lot more people buying in all at the
exact same time it's kind of like trying to run up an escalator that's going down it's possible under the right circumstances but it's not sustainable to keep that up long term that's why i believe that dogecoin is going to have a very difficult time ever reaching a dollar without a significant push of enthusiasm at a level that we have not seen although long term who knows anything can happen and i've been surprised in the past but for me it's not something that i could really wrap my mind around besides being a fun alternative store of
value and potential investment under the right conditions however just be prepared to lose everything as far as my own dogecoin investment i promised that if my video got a hundred thousand likes back in may of 2021 i would buy ten thousand dollars with the dogecoin and hold on to it for a year though i didn't think we would actually get a hundred thousand likes but we did and as promised i bought it today that ten thousand dollar investment is worth eighteen hundred dollars i had a loss of eighty-two percent at this point i had no
intention of selling and the point of the video was just to have a fun experience that i could report back on for everyone who hit the like button but yeah it turned out to be a very expensive video so if you appreciate the openness and transparency it would mean a lot if you hit the like button on this video and subscribe to see whether or not that investment ever recovers
