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Even after his Dogecoin portfolio plummeted to $50,000 from $3 million, Glauber Contessoto remains to be a believer within the meme coin.
He invested his whole life financial savings of $250,000 in DOGE again in 2021 and watched it soar in worth, he tweeted on the X social media platform. Regardless of its steep plunge over the previous 12 months, he refuses to promote.
That’s as a result of he stays optimistic that the meme coin will emerge as a way of cost on X, beforehand often known as Twitter.
His sentiments come as X’s new proprietor, Elon Musk, continues selling the meme coin.
Musk has beforehand mentioned that Dogecoin might emerge as the perfect cryptocurrency for funds in future years.
Dogecoin Millionaire Refuses to Money Out Regardless of Value Plunge
Whereas he’s now not a Dogecoin millionaire, Contessoto nonetheless calls himself the SlumDOGE Millionaire on X.
I used to have $3 Million in #Dogecoin
Now it’s $50,000
What occurred?
😣 pic.twitter.com/tOw2pNTPaI
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
The meme coin rallied to an all-time excessive of $0.73 in Might 2021 however then plummeted greater than 90%. Dogecoin ranks because the ninth-largest cryptocurrency by market capitalization.
Meme cash are sometimes criticized for his or her speculative nature. The property have unstable value actions, with Dogecoin’s volatility usually decided by social media mentions.
Dogecoin has struggled lately. It’s down by 15% over the previous two weeks and 18% in a month.
Elon Musk’s assist for Dogecoin
Musk’s tweets have pushed important rallies in Dogecoin prior to now. Rumours have circulated that he might combine the meme coin on X.
Again in January, experiences mentioned that Twitter was engaged on launching a product that helps cryptocurrency funds. In April, the Tesla CEO briefly modified the blue fowl brand for the social media platform to the Dogecoin Shiba Inu canine picture.
The change led to Dogecoin’s value rallying round 30% earlier than retracing. The worth motion exhibits Dogecoin’s sensitivity to Musk’s endorsement.
Lately, Musk posted a cryptic tweet saying that Twitter was a “canine & Doge pleasant place!”
X is a canine & Doge pleasant place!
— Elon Musk (@elonmusk) August 23, 2023
The tweet triggered a slight acquire for Dogecoin, maybe indicating that Musk now not has the sturdy affect over its value that he as soon as had.
Musk’s endorsements of Dogecoin have additionally beforehand landed him in authorized hassle. He was accused of insider buying and selling in a proposed class motion lawsuit by traders who accused him of manipulating the meme coin’s value by means of influencers and publicity stunts, costing them billions of {dollars}.
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