Dogecoin Millionaire's $3 Million Haul Drops to $50K

Glauber Contessoto, known as ‘SlumDOGE Millionaire,’ decided to jump on the Dogecoin bandwagon following Elon Musk’s active promotion of the asset on Twitter in 2020. He went on to take out all his savings and use his credit card to invest $250,000 in the meme coin. This investment saw his holdings surge to $3 million at a certain juncture.

Contessoto chose to retain his holdings without selling them. Presently, Dogecoin has plummeted by more than 90% from its peak value of $0.73 in May 2021. Therefore, Contessoto has seen the value of his holdings dwindle to as low as $50,000.

I used to have $3 Million in #Dogecoin

Now it’s $50,000

What happened?

? pic.twitter.com/tOw2pNTPaI

— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023

Contessoto posted the above-mentioned tweet, highlighting his angst. Shortly after, responses from the cryptocurrency community started flooding in. Many individuals advised him to liquidate his holdings. However, he responded by stating,

“If that was the case I would’ve sold long before I hit the first $1 Million lol”

Also Read: Dogecoin, Bitcoin, Binance Among Popular Hashtags on Crypto TikTok

Dogecoin investors drown in losses

Time and again, the community exhibited confidence in DOGE reaching the dollar mark, yet its upward momentum was consistently hindered. The most recent attempt was anticipated to materialize yesterday after Elon Musk’s tweet mentioning X [previously Twitter] as a “Doge friendly place.” Although this announcement briefly offered a sense of respite, it couldn’t maintain its impact for an extended period of time.

At press time, DOGE was being traded at $0.063873, displaying a daily increase of 2.2%. It’s important to highlight that the meme coin experienced a decline of 16.5% over the course of the past 30 days. Amidst this, about 55% of the asset’s holders were enduring a loss, while only 41% of them were bagging profits.

Furthermore, the ongoing pattern is expected to endure due to the prevalence of bearish sentiment surpassing bullish sentiment in the DOGE market. According to IntoTheBlock, bullish addresses signify those that have acquired over 1% of the trading volume within the past 24 hours. Conversely, bearish addresses denote those that have sold over 1% of the trading volume within the same 24-hour timeframe.

Also Read: Dogecoin: Elon Musk Says X is a Doge Friendly Place