Thu. Jun 20th, 2024

Goldman Sachs Managing Director Quits Job After Making a Fortune From Dogecoin

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Aziz McMahon, a managing director at Goldman Sachs has quit his lucrative job at Sachs after his recent fortune from the top meme coin Dogecoin.

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According to a report released by eFinancialCareers, McMahon, who took charge of the bank’s emerging sales department in London, allegedly made “millions” from Doge after the digital asset skyrocketed by over 18,000 per cent since the beginning of the year.

Reports have it that the former MD has now launched his hedge fund following his exit from Goldman. After 14 years of working with Goldman, McMahon can peacefully live his retirement dreams or work elsewhere. 

The phenomenon bull run of Dogecoin was not predicted because the so-called “joke coin” has birthed a new generation of millionaires who bought the asset after Tesla’s CEO Elon Musk repeatedly tweeted about it.

Dogecoin, a Shiba Inu-themed token that started as a joke in 2013, has skyrocketed by 10,300% year-to-date, thanks majorly 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 fourth-largest cryptocurrency by market capitalization, hovering at about $67 billion on Monday, according to CoinGecko.

Apart from making early investors millionaires, Dogecoin is also making headway as a payment option. Over the past weeks, several traditional companies have caught the DOGE fever and have started accepting payments in Dogecoin.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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