How an unemployed day trader burnt by both GameStop and Dogecoin ended up owning 20 billion units of a cryptocurrency known as the ASS coin | Currency News

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How an unemployed day trader burnt by both GameStop and Dogecoin ended up owning 20 billion units of a cryptocurrency known as the ASS coin | Currency News


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

  • Eric Hackney, 38, put $ 500 in a cryptocurrency called the Australian Safe Shepherd, better known as the ASS coin, Bloomberg reported.
  • He now owns 20 billion altcoin units.
  • Hackney invested in the ASS coin after losing money on GameStop and missing out on dogecoin gains, the two social media favorites.
  • See more stories on the Insider business page.

A millennial investor has vowed to “never miss” the gains of trendy cryptocurrencies. An investment of $ 500 later, he is now the proud owner of 20 billion units of Australian Safe Shepherd, also known as the ASS coin, Bloomberg reported.

In the article, titled “$ ASS Coin Billionaire: Tales From the Fringe of the Crypto Craze,” Bloomberg reporters detailed the mad rush of Eric Hackney, 38, who chose to gamble in the financial markets on the Robinhood app after losing her job during the COVID-19 pandemic, instead of working for $ 9 an hour.

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

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

He also invested in dogecoin at one point. Dogecoin, which twisted and morphed last week amid broader market volatility, started out as a social media joke on a popular meme and has since morphed 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 skyrocket to 70 cents earlier this month.

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

Read more: 7 crypto heavyweights told us what was behind the sudden selloff that wiped over $ 400 billion from the market in just 24 hours – and if now is the time to ‘buy the down’

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

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

Cryptocurrency-related stocks fell this week amid massive sell-offs of Bitcoin and Ethereum. Analysts have cautioned against investing in alternative cryptocurrencies, however, saying social media-focused coins are unregulated and highly volatile.

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