Dogecoin

Million

Shiba Inu

Elon Musk

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 <p>Even after his Dogecoin portfolio plummeted to $50,000 from $3 million, Glauber Contessoto is still a believer in the meme coin.</p> 
 <p>He invested his entire life savings of $250,000 in DOGE back in 2021 and watched it soar in value, he tweeted on the X social media platform. Despite its steep plunge over the past year, he refuses to sell.</p> 
 <p>That’s because he remains optimistic that the meme coin will emerge as a means of payment on X, previously known as Twitter.</p> 
 <p>His sentiments come as X’s new owner, Elon Musk, continues promoting the meme coin.</p> 
 <p>Musk has previously said that Dogecoin may emerge as the ideal cryptocurrency for payments in future years.</p> 
 <h2 id="dogecoin-millionaire-refuses-to-cash-out-despite-price-plunge">Dogecoin Millionaire Refuses to Cash Out Despite Price Plunge</h2> 
 <p>While he is no longer a Dogecoin millionaire, Contessoto still calls himself the SlumDOGE Millionaire on X.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">I used to have $3 Million in #Dogecoin</p> 
  <p>Now it’s $50,000</p> 
  <p>What happened?</p> 
  <p>😣 pic.twitter.com/tOw2pNTPaI</p> 
  <p>— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>The meme coin rallied to an all-time high of $0.73 in May 2021 but then plummeted more than 90%. Dogecoin ranks as the ninth-largest cryptocurrency by market capitalization.</p> 
 <p>Meme coins are often criticized for their speculative nature.&nbsp;The assets have volatile price movements, with Dogecoin’s volatility often determined by social media mentions.</p> 
 <p>Dogecoin has struggled recently. It’s down by 15% over the past two weeks and 18% in a month.</p> 
 <h2 id="elon-musk-s-support-for-dogecoin">Elon Musk’s support for Dogecoin</h2> 
 <p>Musk’s tweets have driven significant rallies in Dogecoin in the past. Rumours have<span style="background-color: var(--bs-body-bg);color: var(--bs-body-color);font-family: var(--bs-body-font-family);font-size: var(--bs-body-font-size);font-weight: var(--bs-body-font-weight);text-align: var(--bs-body-text-align)"> circulated that he may integrate the meme coin on X.</span></p> 
 <p>Back in January, reports said that Twitter was working on launching a product that supports cryptocurrency payments.&nbsp;In April, the Tesla CEO briefly changed the blue bird logo for the social media platform to the Dogecoin Shiba Inu dog image.</p> 
 <p>The change led to Dogecoin’s price rallying around 30% before retracing. The price movement shows Dogecoin’s sensitivity to Musk’s endorsement.</p> 
 <p>Recently, Musk posted a cryptic tweet saying that Twitter was a “dog &amp; Doge friendly place!”</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">X is a dog &amp; Doge friendly place!</p> 
  <p>— Elon Musk (@elonmusk) August 23, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>The tweet triggered a slight gain for Dogecoin, perhaps indicating that Musk no longer has the strong influence over its price that he once had.</p> 
 <p>Musk’s endorsements of Dogecoin have also previously landed him in legal trouble. He was accused of insider trading in a proposed class action lawsuit by investors who accused him of manipulating the meme coin’s price through influencers and publicity stunts, costing them billions of dollars.</p> 
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Dogecoin ‘Millionaire’ Still a Believer Even as Holding Plunges To $50,000 From $3 Million

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TheBitTimes

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