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Investing in cryptocurrencies like Dogecoin will be tough, because the nascent market is understood to be essentially the most unstable by way of value motion. At some point, an investor triples his funding, and the subsequent 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. 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 succeed in a value all-time excessive of $0.74.
One among these traders who grew to become millionaires in a single day because of this rise was Las Vegas resident Glauber Contessoto, often 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 often 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 value round $50,000.
Regardless of his loss, Contessoto continues to have belief in Dogecoin. In response to a social media put up, he talked about how canine theme meme cash have a greater probability of spiking than different meme cash.
“I really feel like they are going to rise once more,” he stated. He stated this whereas noting the success of frog-themed crypto PEPE.
I actually don’t assume Canine themed meme cash are performed.
I really feel like they are going to rise once more 🤔$PEPE had it’s run, frog was cool 🐸
However canine are the place it’s at foreal 🐶
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Contessoto just 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 filing 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 often led to cost spikes.
What’s Subsequent For DOGE?
Although Dogecoin has continued to wrestle, the meme coin has had its moments this 12 months. In July, DOGE noticed a short spike in value, main it to grow to be 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% previously seven days. Nevertheless, 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
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