Would-be Dogecoin millionaire Glauber Contessoto is convinced that DOGE is a HODL even after the crypto token’s price crashed further this week.
HODL to Your Dogecoin, Says Contessoto
How much would you have made off your cryptocurrency investment if you were Glauber Contessoto? The young New Yorker made headlines earlier this year when Dogecoin soared to an all-time high of $0.74 and his investment, amounting to his entire life savings, turned him into a millionaire with his DOGE investment worth $2 million at the currency’s zenith.
Yet, since Dogecoin hit $0.74, it has taken a steady tumble, and despite the currency generating a 12,000% overall increase since 2020, today, DOGE trades at $0.21, slightly better than the $0.19 it posted late on Tuesday evening.
Contessoto’s move in crypto space was bold. He took all his savings and maxed out his credit debt to put $250,000 on Dogecoin, which seemed to pay off and may have even inspired others to pursue a similar path. However, the world’s first self-proclaimed Dogecoin millionaire now faces a harsher reality. At current prices, his crypto holdings amount to something close to $770,000, according to his latest Twitter updates. Still, Contessoto doesn’t seem to be giving up on Dogecoin just yet.
The young investor said that he would HODL his Dogecoin, and that is precisely what everyone else should be doing. The “HODL” refers to the practice of not selling your cryptocurrencies when their prices start crashing and effectively try to prevent the price from plummeting even further. At current rates, Contessoto is still ahead in terms of net worth. However, the crypto market is now in the doldrums and has been so after Bitcoin, “the main cryptocurrency” to which all others seem to be pegged more or less, has been fluctuating rapidly and dropping below $30,000.
A Market Inured to Musk’s Tweeting
Bitcoin gathered a lot of momentum earlier this year, driving the market cap for digital assets well beyond Apple’s own $1 trillion market capitalization. However, sporadic tweets by Tesla CEO Elon Musk, who is also an “alleged” supporter of Dogecoin, have at least contributed to the lack of sustainability of crypto. Musk, whose company purchased $1.5 billion worth of Bitcoin (BTC), sending the currency’s price upward, has since announced that he would look for a greener alternative to the currency, that is unless BTC became greener.
While Musk’s first tweets did lead to an investment frenzy, his latest tweets are hardly as impactful as crypto enthusiasts have learned their lesson the hard way. Musk has never actually claimed that one cryptocurrency is better than another, and he even cautioned people to be “wise” and not spend their entire FIAT savings on crypto. Tweets such as “D is for Dogecoin” and “Who let the DOGE out?” have been misinterpreted earlier this year as Musk’s endorsement of the currency, driving its price. Interestingly enough, Musk’s qualified support did lead to a greater interest in the development process of the currency, which has been restarted.
Experts, though, believe that a bear market has begun, but despite that, Contessoto argues that he “STILL BELIEVES IN #DOGECOIN,” as per his latest social media activity. He has a point, but the question is if he’s looking for the really long-term. Just recently, Goldman Sachs issued a new report arguing that cryptocurrencies are not an investable asset.