In the unpredictable realm of cryptocurrency, having the right timing for buying is of utmost importance. Glauber Contessoto, popularly recognized as the “Dogecoin Millionaire,” has recently divulged his approach to investing in Pepe (PEPE), a cryptocurrency based on memes.
The online personality recommends prospective investors to exercise patience and wait for the cryptocurrency’s value to drop by approximately 80%-90% from its peak price of $0.00000431 before making a purchase.
Contessoto, whose story of turning his life savings into a fortune through Dogecoin garnered significant attention from major media outlets like CNBC, has gained fame for his daring tactics in the world of cryptocurrencies. His remarkable journey, which quickly spread across the internet in early 2021, has transformed him into a prominent figure and influential voice within the crypto community.
After experiencing a tremendous surge in value, he acquired the nickname “Dogecoin Millionaire.” Nevertheless, the prominent meme-based cryptocurrency has subsequently undergone a significant decline. According to CoinGecko data, it has now plummeted by 90% from its all-time peak.
Is PEPE a safe investment?
In recent weeks, PEPE, a cryptocurrency inspired by the internet meme Pepe the Frog, has experienced a rapid and notable increase in its popularity. It achieved a remarkable milestone by becoming the quickest Ethereum token to attain a market capitalization of $1 billion, reaching a peak of over $1.6 billion.
Nevertheless, in line with the characteristic extreme volatility often observed in meme-based cryptocurrencies, the whimsical token is currently experiencing a 61% decline from its highest recorded value.
Even amidst the ongoing market decline, Contessoto’s advice reflects his confidence in the potential for PEPE to recover. His strategy emphasizes a popular approach adopted by cryptocurrency investors, which is to purchase assets during periods of decline, commonly known as “buying the dip.”
As always, it is crucial to recognize that investing in cryptocurrency involves substantial risk due to its speculative and volatile characteristics. Therefore, individuals considering entering the crypto market should conduct comprehensive research and carefully assess their financial circumstances before making any investment decisions.