How an unemployed day-trader burned by both GameStop and dogecoin ended up owning 20 billion units of a cryptocurrency known as ASS coin

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Dogecoin is a ‘meme’ cryptocurrency, seemingly created as a joke

  • 38-year-old Eric Hackney put $500 into a cryptocurrency called Australian Safe Shepherd, which is more commonly known as ASS coin, Bloomberg reported.
  • He now owns 20 billion units of the altcoin.
  • Hackney invested in ASS coin after losing money on GameStop and missing out on gains in dogecoin, both social media favorites.
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One millennial investor vowed to “never again” miss out on gains from hyped-up cryptocurrencies. One $500 investment later, he’s now the proud owner of 20 billion units of Australian Safe Shepherd, also known as ASS coin, Bloomberg reported.

In the article, titled “$ASS Coin Billionaire: Tales From the Fringe of the Crypto Craze,” Bloomberg reporters detailed the wild ride of 38-year-old Eric Hackney, who opted to play the financial markets on the Robinhood app after losing his job during the COVID-19 pandemic, instead of work for $9 an hour.

The article described him as a “thrill-seeking amateur, goaded on by social media.” Social media platforms have become a key part of the boom in retail trading, as a recent survey showed one in five investors has used Reddit to help them make an investment decision.

Hackney, a former bar tender from Tampa, Florida, said he was part of the GameStop craze earlier this year in which an army of Reddit retail traders caused the stock to skyrocket, squeezing short sellers. As for his investment in the stock, he told Bloomberg he “was up and then, in a blink, he wasn’t.”

He invested in dogecoin, at one point, too. Dogecoin, which twisted and turned this past week amid broader market volatility, started as a social media joke about a popular meme and has since turned into a well-known altcoin.

In January, Hackney bought dogecoin at 4 cents, and the currency immediately doubled. But he couldn’t stand the wild price swings and sold his position, only to see it rocket to 70 cents earlier this month.

At that point, he vowed to never let that happen to him again, Bloomberg wrote. That’s when he put $500 into ASS coin.

Read more: 7 crypto heavyweights told us what’s behind the sudden sell-off that erased over $400 billion from the market in just 24 hours – and whether now is the time to ‘buy the dip’

Altcoins have taken hold of retail investors recently. Instead of the well-known bitcoin, many are investing in alternatives like dogecoin, litecoin, and safemoon, among others.

Earlier this week, Barstool sports founder Dave Portnoy, calling the alternatives “sh*tcoins,” invested $40,000 in Safemoon, which launched in March.

Cryptocurrency linked-stocks plummeted this week amid massive sell-offs in bitcoin and ethereum. Analysts have warned against investing in alternative cryptocurrencies, though, saying the social-media driven coins are unregulated and highly volatile.

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A mysterious dogecoin whale who owns $15 billion of the cryptocurrency added another 420.69 coins

Humpback whale 50
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  • 420.69 dogecoins were added to the world’s largest dogecoin address on Tuesday.
  • No one knows who is behind the address, but the address may have just signaled they are in tune with the jocular spirit of dogecoin, making a nod to meme numbers “420” and “69.”
  • The address currently holds 36.7 billion dogecoins worth $14.7 billion.
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420.69 dogecoins were just added to the world’s largest dogecoin holder, furthering speculation around the identity of the mysterious “whale” who has loaded up on the meme cryptocurrency for two years.

Data from Bitinfocharts shows that on May 18, the dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L added roughly 420.6899 Doge, worth $192.

The address has accumulated 36.7 billion dogecoins since 2019 and now holds about 28% of the total dogecoin supply. With the meme token at $0.3937, the address’ dollar amount currently stands at $14.7 billion.

Investors have been pondering for months who or what is behind the doge wallet. The address could belong to an individual, a market maker, or an exchange, though the nod to the meme numbers “420” and “69,” hint that a person who is in on the joke is making the purchases.

According to Noelle Acheson, CoinDesk’s head of research, a cryptocurrency exchange address would have inflows and outflows. She points out that this address has only been accumulating doge. The address sold 100 million coins on April 12, but that was its only sale in 2021.

Some online forums have speculated the address belongs to the “dogefather” himself, Elon Musk. The address added 28.061971 dogecoins three separate times, which reference Elon Musk’s birthday on June 28, 1971.

Though those transactions could simply be a homage to Musk rather than completed by Musk himself. The Tesla CEO warned in February that the biggest risk facing dogecoin is it’s extreme concentration among just a handful of digital wallets.

On Thursday Dogecoin spiked 15% in a matter of minutes on Musk published another yet another cryptic tweet referencing the meme cryptocurrency.

The coin has since pared back gains from but is still sitting up 6,500% year-to-date.

Read more: 7 crypto heavyweights told us what’s behind the sudden sell-off that erased over $400 billion from the market in just 24 hours – and whether now is the time to ‘buy the dip’

Read the original article on Business Insider

A mysterious dogecoin whale who owns $15 billion of the cryptocurrency just bought another 420.69 coins

Humpback whale 50
.

  • The world’s largest dogecoin address-holder purchased 420.69 dogecoins on Tuesday.
  • No one knows who is behind the address, but the owner holder just signaled they are in tune with the jocular spirit of dogecoin, making a nod to meme numbers “420” and “69.”
  • The address currently holds 36.7 billion dogecoins worth $14.7 billion.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The world’s largest dogecoin address holder just bought 420.69 dogecoins, furthering speculation around the identity of the mysterious “whale” who has loaded up on the meme cryptocurrency for two years.

Data from Bitinfocharts shows that on May 18, the dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L purchased roughly 420.6899 Doge, worth $192.

The address has accumulated 36.7 billion dogecoins since 2019 and now holds about 28% of the total dogecoin supply. With the meme token at $0.3937, the address’ dollar amount currently stands at $14.7 billion.

Investors have been pondering for months who or what is behind the doge wallet. The address could belong to an individual, a market maker, or an exchange, though the nod to the meme numbers “420” and “69,” hint that a person who is in on the joke is making the purchases.

According to Noelle Acheson, CoinDesk’s head of research, a cryptocurrency exchange address would have inflows and outflows. She points out that this address has only been accumulating doge. The address sold 100 million coins on April 12, but that was its only sale in 2021.

Some online forums have speculated the address belongs to the “dogefather” himself, Elon Musk. The address added 28.061971 dogecoins three separate times, which reference Elon Musk’s birthday on June 28, 1971.

Though those purchases could simply be a homage to Musk rather than completed by Musk himself. The Tesla CEO warned in February that the biggest risk facing dogecoin is it’s extreme concentration among just a handful of digital wallets.

On Thursday Dogecoin spiked 15% in a matter of minutes on Musk published another yet another cryptic tweet referencing the meme cryptocurrency.

The coin has since pared back gains from but is still sitting up 6,500% year-to-date.

Read more: 7 crypto heavyweights told us what’s behind the sudden sell-off that erased over $400 billion from the market in just 24 hours – and whether now is the time to ‘buy the dip’

Read the original article on Business Insider

A Goldman Sachs managing director reportedly quit after raking in huge gains from dogecoin

Dogecoin icon on the phone
Dogecoin has skyrocketed in 2021.

A Goldman Sachs managing director quit after making millions of dollars in profit from the meme currency dogecoin, eFinancialCareers reported on Monday.

The executive, Aziz McMahon, has been with the bank’s London bureau for 14 years, according to his LinkedIn profile.

Goldman confirmed McMahon’s departure but did not provide a reason. McMahon did not immediately respond to Insider’s request for comment.

Sources told eFinancialCareers that he might be starting a hedge fund.

Dogecoin, a Shiba Inu-themed token that started as a joke in 2013, has skyrocketed by 10,300% year-to-date, thanks in part to well-known backers such as Elon Musk, Mark Cuban, the rapper Snoop Dogg, and the Kiss member Gene Simmons.

Because of dogecoin’s wild price swings, many people have reported profiting from the meme token, mostly younger retail investors with a higher risk appetite.

As investors have pumped more cash into dogecoin, the token has become the world’s fifth-largest cryptocurrency by market capitalization, hovering at about $63 billion on Monday, according to CoinGecko.

Over the weekend, dogecoin tumbled by 30% after Musk’s “Saturday Night Live” appearance, during which he called the meme token a “hustle,” said it was “as real” as a dollar bill, and predicted it would “take over the world.”

It’s unclear what McMahon will do, but several executives from traditional banking and finance institutions have jumped to the cryptocurrency space: John Dalby, Bridgewater Associates’ chief financial officer, joined the crypto firm NYDIG, while Christopher Giancarlo, the former chairman of the US Commodity Futures Trading Commission, joined the crypto financial-services firm BlockFi.

Read more: Fundstrat’s head of digital assets research walks us through his $100,000 and $10,500 year-end price targets for bitcoin and ether – and shares the 8 tokens he’s bullish on

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Most dogecoin enthusiasts wish Amazon would accept the meme coin as payment – and some believe it’s the new bitcoin, study shows

Dogecoin icon on phone

Dogecoin has been swept up in a crypto-buying mania that has seen its biggest advocate, Elon Musk, boost its price. Several online brokerages including Gemini and eToro have added the meme coin to their offerings, causing investors to flock in even greater numbers to the hot new crypto listing.

A recent study conducted by GamblersPick showed more than one in four people believe “dogecoin is the future,” and the same ratio expect it to hit $1 per coin sometime in 2021, from around $0.61 currently.

Most survey respondents said they wanted Amazon to accept dogecoin as payment. At the same time, about 41% said they didn’t want any retail stores to accept the joke-based currency. About one-third said they believe it’s the “next bitcoin,” showing that a vast majority don’t actually think it can overtake the most popular cryptocurrency.

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Amazon is reportedly expected to launch a digital currency that can be used on its own platform and marketplaces. The study showed that 64% of respondents would invest in such a currency if it were to be released.

Billionaire Elon Musk’s touting of dogecoin was initially met with concerns about whether his support is genuine, or a degree of fooling around. He recently said although the coin’s origins are awash with humor, it could become the future of cryptocurrencies. The Tesla boss has, however, said it would be “unwise” to invest too much.

But most survey respondents said they either approved of, or didn’t care about, Musk’s dogecoin-related promotions.

Entrepreneur Mark Cuban has backed the coin to the extent that he began accepting it as payment towards tickets and merchandise for his NBA basketball team, the Dallas Mavericks. But other investors like Mike Novogratz have warned of speculative risks attached to it.

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Mark Cuban, owner of the NBA’s Dallas Mavericks.

On average, dogecoin investors expect to invest $227 in dogecoin in 2021. But if the currency hits $1 this year, that investment could be worth quite a lot as it is currently trading around $0.61 per coin. It is already up 12,000% year-to-date.

Some analysts say dogecoin’s record-setting rally is largely similar to the Reddit-fuelled GameStop saga. The same group of dogecoin traders seem to have also invested in Reddit stocks like GameStop, Blackberry, AMC, Nokia, and others.

The survey showed about half of the 1,001 respondents in the US regretted investing in Reddit-hyped stocks, while 40% rued their dogecoin investments.

“Dogecoin’s price rise demonstrates that cryptocurrencies are experiments in branding for financial assets, plugged directly into the craziness and creativity of the internet,” Philip Gradwell, chief economist at Chainalysis, said. “Dogecoin is a ‘self-aware’ meme. Its price is a function of how much attention dogecoin gets, which is currently a lot. There is a positive feedback loop: the higher the price, the more attention, the higher the price, and so on.”

More than 50% said they invested in dogecoin because they viewed it as an opportunity to get rich, rather than getting in for fun.

Ultimately it remains a bit like a game of chicken, according to David Kimberley, analyst at Freetrade. “People will want to hold on for as long as possible before dumping what they have and cashing out,” he said. “And you don’t want to be the one left asking ‘who left the Doge out?’ when that happens.”

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