Confessions of a Dogecoin Millionaire

Cars for the masses

With the introduction of the Model T in 1908, Ford Motor Company brought automobiles to the masses—forever changing the world as we know it. Not 30 years later, they did so again in 1932 by bringing power to the masses in the form of the Flathead V-8 engine featured in the Model 18.

Elon Musk, CEO of the automotive juggernaut, Tesla, owns a Ford Model T as a humble reminder of these achievements as he continues to revolutionize the automobile industry through electrification and autonomous driving.

Musk also owns a ton of Dogecoin, the cryptocurrency created by programmer Billy Markus and marketer Jackson Palmer in 2013 as a joke and homage to the popular Doge meme with a Shiba Inu dog accompanied by colorful Comic Sans phrases that its fans ended up taking seriously.

The original Doge meme inspired the cryptocurrency that shares its name.

Like the mighty Model T, it’s been said that Dogecoin is for the people. In fact, Musk tweeted as much fairly recently. So far, at least one person is proving ownership to be profitable, and cites Elon Musk as his inspiration for his monumental investment.

Jaysn Prolifiq, a music video producer and artist manager out of Los Angeles, sold his stocks in two popular modes of transport: Uber and Tesla, and then invested his entire life savings—$188,000—back in February when Dogecoin was just $00.005. A scant couple of months later, it turned into nearly $2 million of Dogecoin after it rose to it’s all-time peak last week. 

Legally known as Glauber Contessoto, Prolifiq says he invested his life savings into Dogecoin after doing several days of research. He felt it undervalued. Then, in mid-April, Dogecoin spiked to a record high of $0.45.

On April 15, Prolifiq anonymously announced his investment had surpassed $1,000,000 in a Reddit post under his iUsedToCallDogeDodge account. That post immediately went viral, and Newsweek came knocking to break the story.

“I was excited about it. I was very new to Reddit, so I wanted to make a post,” he says. Who wouldn’t be excited about becoming a millionaire overnight? However, after Dogecoin’s price suddenly soared, Prolifiq chose not to cash out at its peak.Amid reports U.S. President Joe Biden is planning a capital gains tax increase, the entire cryptocurrency market nosedived. His investment has since dropped below $1 million after the market plunged. Ouch!

Prolifiq told Newsweek the return on his investment could eventually change his lifestyle when he cashes in—depending on the token’s price. “My plan is, once I hit $10 million, then I’ll take out 10%,” he says.

We wish he’d taken out 10% right then, but you’ve gotta admire his diamond hands. “A serious correction was needed after that rally so this was expected. Looking back I wouldn’t have done anything different, because the worst thing you can ever do is try to time the market,” he said.

Despite the obvious financial setback, Prolifiq remains optimistic. “I have a whole plan. Like the first thing I want to do is make sure my mom never has to work another day in her life. She’s an angel,” he says, but his plans don’t stop there. “I’m gonna take care of all my immediate family first, then I’m gonna make sure I’m straight after that, and then I’m gonna start making sure my friends are good. That’s kind of my plan.”

Meanwhile, he is enjoying his newfound fame while still posting on the Doge Reddit page. “I share my losses on our Doge Reddit page just like I share my gains. It would be very disingenuous of me to pretend like Doge only goes up, up, up, up—and never dips down.”

Dogecoin is now worth around $0.23, down about half. It also fell between Tuesday and Wednesday despite the community’s efforts to pump the coin’s price on 4/20, dubbed ‘Doge Day.’ Since it’s hovering at about half its potential, we’re still hopeful. Prolifiq is still tooling around in a high-mileage Toyota Corolla that needed so much repair he biked to work for a year, but if this stock climbs, we hope he’ll roll up in a brand new Tesla. Dogecoin to the moon!