Dogecoin Millionaire Explains Why He’s Still Bullish On DOGE Despite Taking Heavy Losses
24 Agosto 2023 - 9:02AM
NEWSBTC
Investing in cryptocurrencies like Dogecoin can be tricky, as the
nascent market is known to be the most volatile in terms of price
movement. One day, an investor triples his investment, and the next
day, all of it is gone. So knowing when to sell and exit a position
can sometimes be challenging. This is the recent case of a
once-DOGE millionaire who has seen the worth of his holdings fall
from almost $3 million to $50,000. However, despite the ups and
downs, this long-time HODLer believes Dogecoin has staying power.
Still Bullish On Dogecoin Dogecoin has come a long way since its
creation as a joke. The cryptocurrency saw its value spike
dramatically in 2021, making early investors sudden millionaires in
the process. At the peak of its rally, DOGE rose from a market cap
of $1.2 billion to $75.26 billion in less than five months to reach
a price all-time high of $0.74. Related Reading: Kenya’s 17-Member
Committee Officially Kicks Off Investigation Into Worldcoin One of
these investors who became millionaires overnight as a result of
this rise was Las Vegas resident Glauber Contessoto, known as
SlumDOGE Millionaire on social media platform X. During the rise of
DOGE, this investor saw his holdings reach $2.9 million and was
popularly known as one of the first Dogecoin millionaires.
The hype bubble has since popped, and the value of Dogecoin has
toppled, with the cryptocurrency now trading at $0.06378. This
would see Contessoto’s holdings now worth around $50,000.
Despite his loss, Contessoto continues to have trust in Dogecoin.
According to a social media post, he mentioned how dog theme meme
coins have a better chance of spiking than other meme coins.
“I feel like they will rise again,” he said. He said this while
noting the success of frog-themed crypto PEPE. I honestly
don’t think Dog themed meme coins are done. I feel like they will
rise again 🤔$PEPE had it’s run, frog was cool 🐸 But dogs are where
it’s at foreal 🐶 — SlumDOGE Millionaire (@ProTheDoge) August 23,
2023 Contessoto is not the only one that has witnessed the value of
his DOGE holdings fall dramatically. Another investor, Keith
Johnson, who suffered losses, made headlines for filing a $258
billion lawsuit against Elon Musk. Known as the Dogefather because
of his support for Dogecoin, Musk’s tweets regarding the crypto
have regularly led to price spikes. What’s Next For DOGE? Even
though Dogecoin has continued to struggle, the meme coin has had
its moments this year. In July, DOGE saw a brief spike in price,
leading it to become the 8th-largest cryptocurrency by market cap.
But while the Dogecoin ecosystem has gathered a huge community,
things seem to be calm at the moment. Related Reading: Shiba
Inu Team Will Start Implementing ShibPaper, What Does This Mean? At
the time of writing, DOGE is trading at $0.06366, down by 6% in the
past seven days. However, many DOGE investors hope to see a price
spike if DOGE is finally accepted as a payment method on social
media platform X. DOGE price is down over 90% from ATH | Source:
DOGEUSD on Tradingview.com Featured image from iStock, chart from
Tradingview.com
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