After losing 10 million in one day, this Dogecoin billionaire took this decision regarding the coin!

NDTV Gadgets 360 Hindi

The price of Dogecoin has increased manifold in just a few months, which has encouraged many people to invest in cryptocurrencies. But many of them have also lost substantial sums of money in two market crashes that happened within a month. Yet somehow the confidence of early investors still remains intact. Mostly because they saw their investments grow at an unprecedented rate during the first four months of this year. A 33-year-old man recently claimed that he had become a Dodgecoin millionaire within two months. But the cryptocurrency market crash on Monday 21 June wiped out a large part of his investments. Glauber Contessoto had invested over $2,50,000 (about Rs 1.85 crore) in Dogecoin on 5 February, which made him a millionaire on 15 April.

Contesto survived the market crash in May but another crash occurred on June 21, which extended till Tuesday. It took away his two-month-old billionaire tag after China doubled down on its efforts to curb crypto trading and mining.

According to a CNBC report, Contesto’s cryptocurrency holdings, which only contained dodgecoin, fell by $1,67,000 (approximately Rs 1.23 crore) to a low of $8,31,538 (approximately Rs 6.16 crore) on Tuesday alone. . Dodgecoin price in India has declined sharply this month amid widespread selling of the cryptocurrency. According to CoinDesk, this mime-based currency was trading at 19.1 (about US $ 0.26) at 3 pm (IST) on June 28.

When Contessoto bought Dogecoin, it was priced at around USD 0.04 (approximately Rs.3). On May 8, it reached an all-time high of around $ 0.73 (about Rs 54). Thereby, Contesto’s stake exceeded $2 million (approximately Rs 14.83 crore). After that Dodgecoin started to fluctuate but Contesto remained hopeful for a long time. During the dips, he bought more Dodgecoins and refused to sell them despite the fall in prices.

If bitcoin and ethereum weren’t (hit) too, I would be worried,” Contesto told CNBC.
He still remains optimistic about Dogecoin, saying that he plans to stay invested in it for at least a year. “Whatever happens in the short term doesn’t matter to me as I am only looking at ‘HODL’ Dodgecoin for years to come.”<!–

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