Dogecoin 'Millionaire' Still a Believer Even as Holding Plunges To $50,000 From $3 Million

Dogecoin ‘Millionaire’ Still a Believer Even as Holding Plunges To $50,000 From $3 Million

Updated: 24 August 2023

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Even after his Dogecoin portfolio plummeted to $50,000 from $3 million, Glauber Contessoto is still a believer in the meme coin.

He invested his entire life savings of $250,000 in DOGE back in 2021 and watched it soar in value, he tweeted on the X social media platform. Despite its steep plunge over the past year, he refuses to sell.

That’s because he remains optimistic that the meme coin will emerge as a means of payment on X, previously known as Twitter.

His sentiments come as X’s new owner, Elon Musk, continues promoting the meme coin.

Musk has previously said that Dogecoin may emerge as the ideal cryptocurrency for payments in future years.

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While he is no longer a Dogecoin millionaire, Contessoto still calls himself the SlumDOGE Millionaire on X.

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

The meme coin rallied to an all-time high of $0.73 in May 2021 but then plummeted more than 90%. Dogecoin ranks as the ninth-largest cryptocurrency by market capitalization.

Meme coins are often criticized for their speculative nature. The assets have volatile price movements, with Dogecoin’s volatility often determined by social media mentions.

Dogecoin has struggled recently. It’s down by 15% over the past two weeks and 18% in a month.

Elon Musk’s support for Dogecoin

Musk’s tweets have driven significant rallies in Dogecoin in the past. Rumours have circulated that he may integrate the meme coin on X.

Back in January, reports said that Twitter was working on launching a product that supports cryptocurrency payments. In April, the Tesla CEO briefly changed the blue bird logo for the social media platform to the Dogecoin Shiba Inu dog image.

The change led to Dogecoin’s price rallying around 30% before retracing. The price movement shows Dogecoin’s sensitivity to Musk’s endorsement.

Recently, Musk posted a cryptic tweet saying that Twitter was a “dog & Doge friendly place!”

X is a dog & Doge friendly place!

— Elon Musk (@elonmusk) August 23, 2023

The tweet triggered a slight gain for Dogecoin, perhaps indicating that Musk no longer has the strong influence over its price that he once had.

Musk’s endorsements of Dogecoin have also previously landed him in legal trouble. He was accused of insider trading in a proposed class action lawsuit by investors who accused him of manipulating the meme coin’s price through influencers and publicity stunts, costing them billions of dollars.

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