Investing in cryptocurrencies like Dogecoin may be tough, because the nascent market is understood to be essentially the most risky by way of value motion. At some point, an investor triples his funding, and the following day, all of it’s gone. So realizing 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 price of his holdings fall from virtually $3 million to $50,000. Nonetheless, 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 traders 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.
Certainly one of these traders who turned millionaires in a single day because of this rise was Las Vegas resident Glauber Contessoto, generally known as SlumDOGE Millionaire on social media platform X. Throughout the rise of DOGE, this investor noticed his holdings attain $2.9 million and was popularly generally known as 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 may see Contessoto’s holdings now price round $50,000.
Regardless of his loss, Contessoto continues to have belief in Dogecoin. In keeping with a social media publish, he talked about how canine theme meme cash have a greater likelihood of spiking than different meme cash.
“I really feel like they are going to rise once more,” he mentioned. He mentioned this whereas noting the success of frog-themed crypto PEPE.
I truthfully don’t suppose Canine themed meme cash are achieved.
I really feel like they are going to rise once more 🤔$PEPE had it’s run, frog was cool 🐸
However canines are the place it’s at foreal 🐶
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Contessoto is just not 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 filing a $258 billion lawsuit in opposition to Elon Musk. Often known as the Dogefather due to his help for Dogecoin, Musk’s tweets relating to the crypto have recurrently led to cost spikes.
What’s Subsequent For DOGE?
Regardless that Dogecoin has continued to battle, the meme coin has had its moments this yr. In July, DOGE noticed a quick spike in value, main it to change into the Eighth-largest cryptocurrency by market cap. However whereas the Dogecoin ecosystem has gathered an enormous group, issues appear to be calm in the intervening time.
On the time of writing, DOGE is buying and selling at $0.06366, down by 6% previously seven days. Nonetheless, many DOGE traders hope to see a value spike if DOGE is finally accepted as a payment method on social media platform X.
DOGE value is down over 90% from ATH | Supply: DOGEUSD on Tradingview.com
Featured picture from iStock, chart from Tradingview.com
