Dogecoin Millionaire Losses Funds to Crypto Market Crash

Glauber Contessoto, a Dogecoin investor, who rose to fame after claiming to be the first meme coin millionaire, is no longer a millionaire because of the market dip and his decision to hold. Per a report from the New York Times, he invested as much as $250,000 – his life savings – into the meme token.

In April, Contessoto’s tweet in which he claimed to be the first millionaire went viral on social media, leading to international news coverage. Last month, his assets touched the $2 million mark.

Despite the massive 12,000 percent rally in Dogecoin’s value, the 33-years-old investor decided not to cash out. In recent weeks, the meme token has lost more than 70 percent of its value. Musk’s favorite token is now being traded at 0.19 cents per coin.

On Wednesday, the young investor, who also happens to have a massive social media following, took to Twitter and revealed that his total holdings now stood at $764K. Not only that, but he has told his fans that he still plans to hold the meme currency.

Launched back in 2013, Dogecoin was based on an internet meme, and it was introduced as a token with no real value or applications. But since the beginning of this year, it has outperformed many altcoins. Currently, it is ranked as the 7th most valuable digital asset, with a market cap of 25 billion dollars. 

On the other hand, amidst the ongoing crackdown on crypto miners in China, South Korea, and Iran, has led to a sharp decline in hash rates by as much as 50 percent. America is seeing a boom in mining activities. Texas, which is famous among miners for its low electricity rates, is becoming the next hotspot. 

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