Dogecoin Investor Turns $3 Million to $50K
Glauber Contessoto, known as 'SlumDOGE Millionaire,' invested $250,000 in Dogecoin after Elon Musk's Twitter endorsement in 2020.
His holdings surged to $3 million initially. Despite a 90% decline from the $0.73 peak in May 2021, his holdings now sit around $50,000.
Contessoto’s frustrated tweet received responses from the crypto community, suggesting he sell. He remained steadfast, stating:
I used to have $3 Million in #Dogecoin
Now it’s $50,000
What happened?
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Despite community optimism and recent efforts, like Musk’s “Doge friendly place” tweet, Dogecoin’s climb to $1 faltered.
READ MORE: Bitcoin’s Upswing: Drawing Parallels with 1929’s Market Highs
Currently trading at $0.063873, DOGE rose 2.2% daily but dropped 16.5% in 30 days. Around 55% of holders face losses, contrasting 41% in profit.
Bearish sentiment outweighs bullish in the DOGE market. Bullish addresses, with over 1% of 24-hour volume, and bearish addresses, selling >1%, reveal this trend.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
