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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