Investing in cryptocurrencies like Dogecoin may be difficult, because the nascent market is understood to be probably the most risky by way of value motion. Sooner or later, an investor triples his funding, and the following day, all of it’s gone. So figuring out when to promote and exit a place can typically be difficult.
That is the latest case of a once-DOGE millionaire who has seen the value of his holdings fall from virtually $three million to $50,000. Nevertheless, regardless of the ups and downs, this long-time HODLer believes Dogecoin has endurance.
Nonetheless Bullish On Dogecoin
Dogecoin has come a great distance since its creation as a joke. The cryptocurrency noticed its worth spike dramatically in 2021, making early buyers sudden millionaires within the course of. On the peak of its rally, DOGE rose from a market cap of $1.2 billion to $75.26 billion in lower than 5 months to achieve a value all-time excessive of $0.74.
One in every of these buyers who turned millionaires in a single day on account of this rise was Las Vegas resident Glauber Contessoto, often called SlumDOGE Millionaire on social media platform X. In the course of the rise of DOGE, this investor noticed his holdings attain $2.9 million and was popularly often called one of many first Dogecoin millionaires.
The hype bubble has since popped, and the worth of Dogecoin has toppled, with the cryptocurrency now buying and selling at $0.06378. This might see Contessoto’s holdings now price round $50,000.
Regardless of his loss, Contessoto continues to have belief in Dogecoin. In keeping with a social media put up, he talked about how canine theme meme cash have a greater likelihood of spiking than different meme cash.
“I really feel like they are going to rise once more,” he stated. He stated this whereas noting the success of frog-themed crypto PEPE.
I truthfully don’t suppose Canine themed meme cash are accomplished.
I really feel like they are going to rise once more 🤔$PEPE had it’s run, frog was cool 🐸
However canine are the place it’s at foreal 🐶
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Contessoto isn’t the one one which has witnessed the worth of his DOGE holdings fall dramatically. One other investor, Keith Johnson, who suffered losses, made headlines for submitting a $258 billion lawsuit towards Elon Musk. Referred to as the Dogefather due to his help for Dogecoin, Musk’s tweets relating to the crypto have commonly led to cost spikes.
What’s Subsequent For DOGE?
Although Dogecoin has continued to wrestle, the meme coin has had its moments this yr. In July, DOGE noticed a short spike in value, main it to grow to be the Eighth-largest cryptocurrency by market cap. However whereas the Dogecoin ecosystem has gathered an enormous group, issues appear to be calm in the mean time.
On the time of writing, DOGE is buying and selling at $0.06366, down by 6% up to now seven days. Nevertheless, many DOGE buyers hope to see a value spike if DOGE is lastly accepted as a cost methodology on social media platform X.
DOGE value is down over 90% from ATH | Supply: DOGEUSD on Tradingview.com