Bitcoin, Dogecoin, and other popular cryptocurrencies may have lost a considerable amount of their value in the market volatility that has been going on for the past few months, few early-stage investors seem concerned. In fact, some even advocate “buy the downside”, believing the market has bottomed out and can only rebound from here. Among them is 33-year-old Los Angeles resident Glauber Contessoto, who in April claimed to have become a Dogecoin millionaire in “just 69 days.” Contessoto recently said he bought more Dogecoins worth $ 5,300 (around Rs 3.94 lakhs).
“Practice what you preach,” he said.
Practice what you preach ???????????? I just bought $ 5,300 more #Dogecoin at 17 cents. We’re getting to the bottom, guys. LET’S GO! ???????????? pic.twitter.com/DSG3s6AHYZ
– Millionaire SlumDOGE (@ProTheDoge) July 17, 2021
Dogecoin hit 16 cents (approx Rs. 11.90) on Tuesday morning before climbing back to 17 cents (approx Rs 12.66), when Contessoto bought the dip. At the time of writing, Dogecoin Price in India amounted to Rs. 14.27.
Contessoto had invested over $ 250,000 (around Rs 1.85 crore) in Dogecoin on February 5, when it was valued at around 4.5 cents (around Rs. 3). About two months later, on April 15, he declared that he had become a millionaire.
A month later, when the value of his cryptocurrency holdings topped $ 2 million (around Rs 14.93 crore), he posted an article on Reddit, asking the The Dogecoin community to “unite” and not sell their digital assets. Instead, he asked them to buy more.
“I can’t pass up a good deal,” said Contessoto CNBC of his last investment in Dogecoin. “Doge is my savings account,” he added.
Now that the price of Dogecoin has dropped significantly, it is no longer a millionaire. The CNBC report said that Contessoto’s Dogecoin holdings were valued at $ 700,217.09 (around Rs 5.2 crore) at July 20 afternoon.
However, some financial experts warn against the extreme volatility of cryptocurrency trade. Contessoto himself also spoke to his supporters about the risky and speculative nature of the trade and urged them not to invest more than they could afford to lose.
Dogecoin has seen a record increase in value in the first four months of this year. He had received around $ 0.72 (around Rs. 52.74) in May. It has since stabilized around 17-18 cents.
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