Investing in cryptocurrencies like Dogecoin can be tricky, as the nascent market is known to be the most volatile in terms of price movement. One day, an investor triples his investment, and the next day, all of it is gone. So knowing when to sell and exit a position can sometimes be challenging.
This is the recent case of a once-DOGE millionaire who has seen the worth of his holdings fall from almost $3 million to $50,000. However, despite the ups and downs, this long-time HODLer believes Dogecoin has staying power.
Still Bullish On Dogecoin
Dogecoin has come a long way since its creation as a joke. The cryptocurrency saw its value spike dramatically in 2021, making early investors sudden millionaires in the process. At the peak of its rally, DOGE rose from a market cap of $1.2 billion to $75.26 billion in less than five months to reach a price all-time high of $0.74.
One of these investors who became millionaires overnight as a result of this rise was Las Vegas resident Glauber Contessoto, known as SlumDOGE Millionaire on social media platform X. During the rise of DOGE, this investor saw his holdings reach $2.9 million and was popularly known as one of the first Dogecoin millionaires.
The hype bubble has since popped, and the value of Dogecoin has toppled, with the cryptocurrency now trading at $0.06378. This would see Contessoto’s holdings now worth around $50,000.
Despite his loss, Contessoto continues to have trust in Dogecoin. According to a social media post, he mentioned how dog theme meme coins have a better chance of spiking than other meme coins.
“I feel like they will rise again,” he said. He said this while noting the success of frog-themed crypto PEPE.
I honestly don’t think Dog themed meme coins are done.
I feel like they will rise again $PEPE had it’s run, frog was cool
But dogs are where it’s at foreal
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Contessoto is not the only one that has witnessed the value of his DOGE holdings fall dramatically. Another investor, Keith Johnson, who suffered losses, made headlines for filing a $258 billion lawsuit against Elon Musk. Known as the Dogefather because of his support for Dogecoin, Musk’s tweets regarding the crypto have regularly led to price spikes.
What’s Next For DOGE?
Even though Dogecoin has continued to struggle, the meme coin has had its moments this year. In July, DOGE saw a brief spike in price, leading it to become the 8th-largest cryptocurrency by market cap. But while the Dogecoin ecosystem has gathered a huge community, things seem to be calm at the moment.
At the time of writing, DOGE is trading at $0.06366, down by 6% in the past seven days. However, many DOGE investors hope to see a price spike if DOGE is finally accepted as a payment method on social media platform X.
DOGE price is down over 90% from ATH | Source: DOGEUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com