Investing in cryptocurrencies like Dogecoin could be difficult, because the nascent market is understood to be probably the most unstable when it comes to worth 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 generally 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. Nevertheless, regardless of the ups and downs, this long-time HODLer believes Dogecoin has endurance.
Nonetheless Bullish On Dogecoin
Dogecoin has come a good 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 worth all-time excessive of $0.74.
One in every of these traders who grew to become 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. In the course of 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 $50,000.
Regardless of his loss, Contessoto continues to have belief in Dogecoin. In keeping with a social media submit, he talked about how canine theme meme cash have a greater probability of spiking than different meme cash.
“I really feel like they’ll rise once more,” he mentioned. He mentioned this whereas noting the success of frog-themed crypto PEPE.
I actually don’t assume Canine themed meme cash are executed.
I really feel like they’ll rise once more 🤔$PEPE had it’s run, frog was cool 🐸
However canines are the place it’s at foreal 🐶
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Contessoto will not be 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 in opposition to Elon Musk. Referred to as the Dogefather due to his assist for Dogecoin, Musk’s tweets relating to the crypto have repeatedly led to cost spikes.
What’s Subsequent For DOGE?
Despite the fact that Dogecoin has continued to battle, the meme coin has had its moments this 12 months. In July, DOGE noticed a short spike in worth, main it to turn out 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 intervening time.
On the time of writing, DOGE is buying and selling at $0.06366, down by 6% previously seven days. Nevertheless, many DOGE traders hope to see a worth spike if DOGE is lastly accepted as a fee technique on social media platform X.
DOGE worth is down over 90% from ATH | Supply: DOGEUSD on Tradingview.com
Featured picture from iStock, chart from Tradingview.com