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Dogecoin has been known to exhibit a ‘pump and dump’ kind of movement in its price. However, the recent growth performance has proven to be different.
Aziz McMahon, a former managing director at the London arm of investment banking giant Goldman Sachs Group Inc (NYSE: GS) has resigned from his job. According to the Guardian, the Goldman Sachs executive resigned after making millions from his investments with sensational meme-coin Dogecoin (DOGE).
Many have wondered how large the profits McMahon earned from his Dogecoin trade/investments could be as the amounts are yet to be uncovered. However, going by the meteoric rise in valuation of the Shiba-Inu-themed coin that was created in 2013, and the more than 13,000% growth record year-to-date, McMahon may be among those caught on the positive end of the bull season.
The volatilities of the digital currency ecosystem, though seen by traditional investors to be scary, have turned quite a number of people into millionaires. Beginning with Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has grown by over 80,000% from a low of about $65 back in July 2013, to its current price pegged at $56,482.20 at the time of writing. Dogecoin’s growth is even more shocking, rising over 580,000% away from its all-time low set back in May 2015.
The gains in crypto can be this mind-blowing, a move that has earned Bitcoin a place as the 6th largest asset in the world. Mainstream investors are beginning to recognize the trend, a move that has stirred many to place pressures on their banks to launch crypto-investment products. McMahon is one of the acclaimed beneficiaries of the current crypto boom. The report has it that the Goldman Sachs executive did not trade Dogecoin using Goldman Sachs funds, rather the Dogecoin exposure he has is his personal investments.
Dogecoin Growth No More in a Bubble
Dogecoin has been known to exhibit a ‘pump and dump’ kind of movement in its price. However, the recent growth performance has proven to be different. The meme coin has grown to become the fourth-largest digital currency by market cap going by its latest price run of over 530% in the past month. Surprisingly, Dogecoin has not been displaced from this spot, unlike its previous runs.
The growth of Dogecoin is credited to Tesla Inc (NASDAQ: TSLA) CEO, Elon Musk, as well as billionaire Mark Cuban, both of whom promote Dogecoin in their own ways. The cryptocurrency has grown from its fundamental role of a joke, to such as is now been used in payments for goods and services. In order to boost the utility around the coin, Elon Musk is also mulling the idea of accepting Dogecoin as payment for Tesla products.