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HomePersonal FinanceAfter losing 10 million in one day, this Dogecoin billionaire took this...

After losing 10 million in one day, this Dogecoin billionaire took this decision regarding the coin!

The price of Dogecoin has increased manifold in just a few months, which has encouraged many people to invest in cryptocurrencies. But many of them have also lost substantial money in two market crashes that happened within a month. Yet somehow the confidence of early investors still remains intact. Mostly because they saw their investments grow at an unprecedented rate during the first four months of this year. A 33-year-old man recently claimed that he had become a Dodgecoin millionaire within two months. But the cryptocurrency market crash on Monday 21 June wiped out a large part of his investments. Glauber Contessoto had invested over $2,50,000 (about Rs 1.85 crore) in Dogecoin on 5 February, which made him a millionaire on 15 April.

Contesto survived the market crash in May but another crash occurred on June 21, which extended till Tuesday. It took away his two-month-old billionaire tag after China doubled down on its efforts to curb crypto trading and mining.

According to a CNBC report, Contesto’s cryptocurrency holdings, which only contained dodgecoin, fell by $1,67,000 (approximately Rs 1.23 crore) to a low of $8,31,538 (approximately Rs 6.16 crore) on Tuesday alone. . Dodgecoin’s price in India fell sharply this month amid widespread selling of the cryptocurrency. According to CoinDesk, this mime-based currency was trading at 19.1 (about US $ 0.26) at 3 pm (IST) on June 28.

When Contessoto bought Dogecoin, it was priced at around USD 0.04 (approximately Rs.3). On May 8, it reached an all-time high of around $ 0.73 (about Rs 54). Thereby, Contesto’s stake exceeded $2 million (approximately Rs 14.83 crore). After that Dodgecoin started to fluctuate but Contesto remained hopeful for a long time. During the dips, he bought more Dodgecoins and refused to sell them despite the fall in prices.

If bitcoin and ethereum weren’t (hit) too, I would be worried,” Contesto told CNBC.
He still remains optimistic about Dogecoin, saying that he plans to stay invested in it for at least a year. “Whatever happens in the short term doesn’t matter to me as I am only looking at ‘HODL’ Dodgecoin for years to come.”<!–

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Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.
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