Dogecoin Millionaire Explains Why He’s Still Bullish On DOGE Despite Taking Heavy Losses

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Investing in cryptocurrencies like Dogecoin may be tough, because the nascent market is thought to be essentially the most unstable when it comes to worth motion. In the future, an investor triples his funding, and the subsequent day, all of it’s gone. So realizing 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 nearly $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 succeed in a worth all-time excessive of $0.74.

One in all these traders who turned millionaires in a single day on account of this rise was Las Vegas resident Glauber Contessoto, generally known as SlumDOGE Millionaire on social media platform X. Throughout 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 value 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 truthfully don’t suppose Canine themed meme cash are achieved.

I really feel like they’ll 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 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. Often known as the Dogefather due to his help for Dogecoin, Musk’s tweets relating to the crypto have recurrently led to cost spikes.

What’s Subsequent For DOGE?

Despite the fact that Dogecoin has continued to wrestle, the meme coin has had its moments this yr. 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 neighborhood, issues appear to be calm in the meanwhile.

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 lastly accepted as a fee methodology on social media platform X.