Glauber Contessoto, famously known as ‘SlumDOGE Millionaire,’ was inspired to join the Dogecoin trend after Elon Musk actively endorsed the cryptocurrency on Twitter in 2020. He took a bold step by investing $250,000 in the meme coin, putting in all his savings and even using his credit card. This investment turned out to be remarkably successful, as his holdings surged to a peak of $3 million.
Deciding to stick with his investment strategy, Contessoto chose not to sell his holdings. Unfortunately, Dogecoin’s value has since plummeted by over 90% from its highest point of $0.73 in May 2021. As a result, the worth of Contessoto’s holdings has drastically dropped, reaching as low as $50,000. Expressing his frustration, he shared a tweet conveying this situation. Following his tweet, the cryptocurrency community responded with various opinions. Many people advised him to sell his holdings, but Contessoto countered by explaining, “If that were my intention, I would have sold well before reaching the first $1 Million, haha.”
Unforeseen Losses Haunt Dogecoin Investors
Repeatedly, the Dogecoin community has expressed confidence in the cryptocurrency’s ability to reach the one-dollar mark. However, its upward trajectory has consistently faced obstacles. The most recent endeavor was expected to materialize yesterday, prompted by Elon Musk’s tweet mentioning X (formerly Twitter) as a “Doge friendly place.” While this announcement briefly provided some relief, its impact was short-lived.
As of the current moment, DOGE is being traded at $0.063873, reflecting a daily increase of 2.2%. It’s noteworthy that the meme coin has encountered a decline of 16.5% over the last 30 days. In this scenario, approximately 55% of DOGE holders find themselves incurring losses, while only 41% are realizing profits.
Moreover, the prevailing pattern is likely to persist due to the prevalence of bearish sentiment outweighing bullish sentiment in the DOGE market. According to IntoTheBlock, bullish addresses refer to those that have accumulated more than 1% of the trading volume within the past 24 hours. Conversely, bearish addresses indicate those that have sold over 1% of the trading volume within the same 24-hour period