In fact, some are even advocating “buying the dip”, assuming the market has bottomed out and can only bounce back from here. Among them is Glauber Contessoto, a 33-year-old Los Angeles resident who claimed in April that he became a Dogecoin millionaire in “just 69 days”. Contesto recently said that it has bought more Dodgecoin worth $5,300 (about Rs 3.94 lakh).
“Practice what you preach,” he said.
Dogecoin dropped 16 cents (around Rs 11.90) on Tuesday morning before recovering at 17 cents (around Rs 12.66) when Contesto bought the dip. At the time of writing the news, the price of Dodgecoin in India was Rs.14.27.
Contessoto had invested over $250,000 (about Rs 1.85 crore) in Dogecoin on February 5, when it was priced at around 4.5 cents (about Rs 3). About two months later, on April 15, he said that he had become a millionaire.
A month later, when the value of his cryptocurrency holdings exceeded $2 million (approximately Rs 14.93 crore), he put out a post on Reddit asking the Dodgecoin community to “unify” and not sell his digital assets. Instead, he asked them to buy more.
“I can’t make a good deal,” Contesotto told CNBC of his latest investment in DodgeCoin. “Doge is my savings account,” he said.
Now, while the price of DodgeCoin has dropped significantly, he is no longer a millionaire. The CNBC report said that on the afternoon of July 20, Contessoto’s Dogecoin holding was valued at $700,217.09 (approximately Rs 5.2 crore).
However, some financial experts warn about excessive volatility in cryptocurrency trading. Contesto himself also told his followers about the risky and speculative nature of trading and asked them not to invest more than they can afford to lose.
Dogecoin has seen a record breaking increase in its value in the first four months of this year. In May, it touched around $ 0.72 (about Rs 52.74). It has since stabilized at around 17-18 cents.<!–