Dogecoin

Million

Elon Musk

<div class="watcher-guru"> 
 <p>Glauber Contessoto, known as ‘SlumDOGE Millionaire,’ decided to jump on the <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> bandwagon following Elon Musk’s active promotion of the asset on Twitter in 2020. He went on to take out all his savings and use his credit card to invest $250,000 in the meme coin. This investment saw his holdings surge to $3 million at a certain juncture.</p> 
 <p>Contessoto chose to retain his holdings without selling them. Presently, Dogecoin has plummeted by more than 90% from its peak value of $0.73 in May 2021. Therefore, Contessoto has seen the value of his holdings dwindle to as low as $50,000.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">I used to have $3 Million in #<a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a><br><br>Now it’s $50,000<br><br>What happened?<br><br>😣 pic.twitter.com/tOw2pNTPaI</p> 
    <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
     <div class="publift-ad add"> 
      <div data-fuse="22560828227"></div> 
     </div> 
    </div> — SlumDOGE Millionaire (@ProTheDoge) August 23, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Contessoto posted the above-mentioned tweet, highlighting his angst. Shortly after, responses from the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> community started flooding in. Many individuals advised him to liquidate his holdings. However, he responded by stating,</p> 
 <p><strong>“If that was the case I would’ve sold long before I hit the first $1 Million lol”</strong></p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a>, Bitcoin, Binance Among Popular Hashtags on Crypto TikTok</strong></p> 
 <h4 class="wp-block-heading" id="h-dogecoin-investors-drown-in-losses">Dogecoin investors drown in losses</h4> 
 <p>Time and again, the community exhibited confidence in DOGE reaching the dollar mark, yet its upward momentum was consistently hindered. The most recent attempt was anticipated to materialize yesterday after Elon Musk’s tweet mentioning X [previously Twitter] as a “Doge friendly place.” Although this announcement briefly offered a sense of respite, it couldn’t maintain its impact for an extended period of time.</p> 
 <p>At press time, DOGE was being traded at $0.063873, displaying a daily increase of 2.2%. It’s important to highlight that the meme coin experienced a decline of 16.5% over the course of the past 30 days. Amidst this, about 55% of the asset’s holders were enduring a loss, while only 41% of them were bagging profits.</p> 
 <p>Furthermore, the ongoing pattern is expected to endure due to the prevalence of bearish sentiment surpassing bullish sentiment in the DOGE market. According to IntoTheBlock, bullish addresses signify those that have acquired over 1% of the trading volume within the past 24 hours. Conversely, bearish addresses denote those that have sold over 1% of the trading volume within the same 24-hour timeframe.</p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp" alt="" class="wp-image-108448" srcset="https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 1024w, https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 768w, https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 550w, https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 800w, https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 1160w, https://cdn.thebittimes.com/images/2023/08/24/7c72c117d55fe18de5259c3ad0900a05.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source 
  </figcaption> 
 </figure> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a>: Elon Musk Says X is a Doge Friendly Place</strong></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>BabeDoge Coin</li> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>Dogecoin</li> 
 </ul> 
</div>

Dogecoin Millionaire's $3 Million Haul Drops to $50K

TheBitTimes

Other articles published on Aug 24, 2023

Today in Crypto: Sinapore's Banking Giant DBS Unveils Its Metaverse Concept, UK Explores 'Best Wa...

Coinbase Restores XRP Trade; Bill Morgan Calls Out US SEC

Ethereum Whales Scoop Up $94,000,000 in ETH During Market Lull – Is This Signaling a Price Rebound?

From $3M to $50,000: Dogecoin Millionaire’s Faith Unshaken as Fortune Dips 98%

KEKKAI Partners with Conflux

Jurat network draws controversy after it locks sanctioned accounts

Join our free newsletter for daily crypto updates!