Investing in cryptocurrencies like Dogecoin could be difficult, because the nascent market is understood to be essentially the most risky when it comes to value motion. Sooner or later, an investor triples his funding, and the subsequent day, all of it’s gone. So understanding when to promote and exit a place can typically be difficult.
That is the current 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 good 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.
Considered one 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. Throughout 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 could see Contessoto’s holdings now value round $50,000.
Regardless of his loss, Contessoto continues to have belief in Dogecoin. In accordance with a social media put up, he talked about how canine theme meme cash have a greater probability of spiking than different meme cash.
“I really feel like they may rise once more,” he mentioned. He mentioned this whereas noting the success of frog-themed crypto PEPE.
I actually don’t suppose Canine themed meme cash are achieved.
I really feel like they may rise once more 🤔$PEPE had it’s run, frog was cool 🐸
However canine are the place it’s at foreal 🐶
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Contessoto shouldn’t 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. Often called the Dogefather due to his assist for Dogecoin, Musk’s tweets relating to the crypto have usually 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 short spike in value, main it to turn into the Eighth-largest cryptocurrency by market cap. However whereas the Dogecoin ecosystem has gathered an enormous neighborhood, 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% previously seven days. Nonetheless, many DOGE buyers hope to see a value spike if DOGE is lastly accepted as a fee methodology 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