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Investing in cryptocurrencies like Dogecoin might be difficult, because the nascent market is thought to be essentially the most risky when it comes to worth 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 generally 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. 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 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 all 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. Through 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 might see Contessoto’s holdings now price round $50,000.
Regardless of his loss, Contessoto continues to have belief in Dogecoin. In accordance with a social media publish, he talked about how canine theme meme cash have a greater likelihood of spiking than different meme cash.
“I really feel like they’ll rise once more,” he stated. He stated this whereas noting the success of frog-themed crypto PEPE.
I actually don’t assume Canine themed meme cash are executed.
I really feel like they’ll rise once more 🤔$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 filing a $258 billion lawsuit in opposition to Elon Musk. Often called the Dogefather due to his assist for Dogecoin, Musk’s tweets concerning 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 yr. In July, DOGE noticed a quick spike in worth, main it to change into the 8th-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% prior to now seven days. Nevertheless, many DOGE traders hope to see a worth spike if DOGE is finally accepted as a payment method 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
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