One senior manager at banking giant Goldman Sachs working in London has allegedly left the company after he made a fortune on meme-based crypto Dogecoin (DOGE). The former managing director and lead of emerging market sales at Goldman Sachs, Aziz McMahon, resigned from the investment bank.
The Guardian reported on Tuesday that he had allegedly netted major gains from his DOGE holdings. Although the original reports did not specify the total amount of money McMahon made from his Dogecoin investments, sources said that it was a massive sum, pointing out that Dogecoin gained more than 1,000% in value so far in 2021.
The finance veteran was investing in crypto using his personal account and he did not get involved in trading cryptos for Goldman Sachs. McMahon had worked at Goldman Sachs for 14 years, and the massive profits prompted him to call it quits.
Dogecoin has managed to record many major milestones recently, exceeding even the biggest crypto, Bitcoin (BTC), in the total number of related internet search queries. Since the start of 2021, Dogecoin has emerged as the quickest-growing digital coin, recording nearly 13,500% growth year-to-date.
The cryptocurrency has surged from just $0.005 to reach an all-time high of $0.68 on May 7, based on data from CoinMarketCap.
Adobe engineer Jackson Palmer and IBM software engineer Billy Markus launched Dogecoin in 2013 based on the popular “Doge” meme. The meme featured a Shiba Inu and was created as a joke back then.
Interestingly, another dog-based crypto has been surging recently. After exploding to new all-time highs on May 11, Dogecoin imitator Shiba Inu (SHIB) subsequently recorded a 13% slump to trade at around $0.000028 at the time of publication.