Home Dogecoin Investor Refuses Selling Despite Crypto Crash

Investor Refuses Selling Despite Crypto Crash

Glauber Contessoto claims that he invested more than $250,000 in dogecoin on February 5 with the expectation of becoming a millionaire — and that he accomplished so on April 15, according to his statement.

Investor Refuses Selling Despite Crypto Crash iBase Trading.
iBase Trading Crypto News

Glauber Contessoto claims that he invested more than $250,000 in dogecoin on February 5 with the expectation of becoming a millionaire. He accomplished so on April 15, according to his statement.

However, according to CNBC, the largest cryptocurrencies by market capitalization — including bitcoin, ether, and dogecoin — began to plummet on Monday due to reports of a crackdown in China.

Advertisement

Contessoto Only Invests in Dogecoin

Contessoto’s portfolio, which consists only of dogecoin, took a hit when the cryptocurrency market continued to deteriorate on Tuesday. CNBC Make It reports that his holdings were down more than $167,000 on Tuesday alone. Furthermore, his portfolio was worth $831,538.88 at 4:40 p.m. Eastern Standard Time on Tuesday, according to him.

When he first invested in dogecoin four months ago, the price was approximately 4.5 cents. A record high of roughly 73 cents was reached on May 8 by the meme-inspired cryptocurrency. It was as a joke in 2013 in response to the “Doge” meme depicting a Shiba Inu dog. The worth of Contessoto’s assets crossed $2 million at the time.

Following its first ascent, the price of dogecoin fluctuated. But Contessoto remained confident in his decision to hold for the long term. He even purchased additional dogecoin throughout the troughs. Even now, he is adamant about not selling.

On the other hand, this volatility is one of the reasons why experts caution that bitcoin is a high-risk, high-return investment. Some experts advise investors to exercise extreme caution when investing in dogecoin. Because it lacks the scarcity and technological progress that bitcoin, for example, possesses.

Contessoto’s Conviction in Staying at Dogecoin

Contessoto is keeping to his artillery and sticking to his original plan. He plans to vend 10 percent of his dogecoin effects once his portfolio hits $10 million valuations, but he intends to keep the rest of his plutocrat invested, he explains.

Despite this, Contessoto remains bullish about dogecoin, even though he is not currently a “dogecoin billionaire,” according to the numbers. He had hoped to be in this dogecoin investment for at least a year when he decided to go ahead with it. Contessoto invested his life savings because he was confident that he would one day become a millionaire.

He now intends to keep the money for a more extended period than a year. He claims that whatever happens in the short term is no longer essential to him. This is because he intends to ‘hodl’ dogecoin for many years to come.

However, according to Contessoto, volatility is part of the game. If you can’t handle the swings, you might not be a good fit for the cryptocurrency industry. As he describes his decision of remaining invested in the stock, people caught up in the short-term and don’t have the patience to see an investment through to its conclusion.

As of today, according to CoinMarketCap, the value of one dogecoin is approximately 19 cents, with a market revitalization of more than $24 billion.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

Advertisement
Previous articleBitcoin Falls After China’s Crackdown
Next articlePolkadot & Kusama Staking Changes
Sophia Vasquez is a journalist and writer for iBaseTrading. She has over 10 years of experience writing about Business news and has been covering the blockchain and cryptocurrency space since 2011.