• McMahon had 14 years in investment banking when he resigned.
• Dogecoin lost value after SNL presented by Elon Musk.
A senior executive at investment bank Goldman Sachs in London left his job after making a lot of money with Dogecoin. The cryptocurrency meme is increasing its capitalization since the beginning of the year, reaching 1,000% in the first quarter.
Some sources in the company pointed out that Aziz McMahon, director and sales manager, had left the bank by collecting all the spoils of his investment. McMahoh has been one of the few traders to trust Dogecoin and has profited from the rise it.
The cryptocurrency is supported by the most famous entrepreneurs such as Elon Musk, Tesla CEO, and the North American rapper Snoop Dogg. Other celebrities like Gene Simmons, bassist for the rock band Kiss, have shown their appreciation for Dogecoin. With this support, the cryptocurrency has reached historical values, which has increased its investment attractiveness.
The cryptocurrency came from an internet meme; the “Doge” meme, of a dog with a very humorous expression. This cryptocurrency has risen to $0.72 per token in recent weeks.
Dogecoin has also suffered from declines, plummeting to 30% after the SNL episode with Elon Musk. The cryptocurrency fell to $0.50, as indicated by Coindesk since that fateful Saturday. However, Dogecoin stands out for climbing 1,000% since the beginning of the year.
Little information is available about McMahon and the earnings he collected through cryptocurrency. This banker worked for Goldman Sachs for 14 years; the sum had to be high to resign without problems. McMahon is believed to have made money from an investment of his own and not from the Goldman Sachs trade.
Dogecoin price hike creates attention
Created in 2013, Dogecoin was a prank cryptocurrency towards Bitcoin. However, its price was triggered by a wave of investment in cryptocurrencies, all of which happened in the last two years.
Many retail Dogecoin investors have built up their digital fortune from the rise of cryptocurrency. An anonymous trader even announced that he had made $2 billion by investing with the cryptocurrency.
The slight attraction also causes the rise of Doge that cryptography has had for banks. Goldman Sachs created a table to trade Bitcoins a few days ago; it contradicts what I stated in 2018. This investment bank was one of those that refused to use cryptocurrencies, but today, their intentions are different.
Traders believe that cryptocurrencies can protect their money from inflation going through their country. This idea has crossed borders making Doge and other cryptocurrencies the alternative to fiat currency.
However, other people suggest that cryptocurrencies do not have a stable value making them a risky investment. Bank of England Governor Andrew Bailey suggested that crypto investments attract a lot of risks. Opinions are mixed, but what is definitely certain is that cryptocurrencies are on the rise in value.