HODL: Hold on for dear life
Cryptocurrency DogeCoin was created as a joke in 2013 based on the “Doge” meme of a Shiba Inu dog.
Images from Coin Desk
The multiplication of the Dogecoin price in just a few months has enticed many people to invest in cryptocurrencies. However, a number of them have lost a significant amount of money as a result of the two market disasters that occurred within a month.
Early investors, on the other hand, have kept their faith, owing to the fact that their money rose at an extraordinary rate during the first four months of this year. A 33-year-old guy claimed lately that he had become a Dogecoin billionaire in two months, but the cryptocurrency market fall on Monday, June 21 wiped off a significant portion of his investment.
On February 5, Glauber Contessoto revealed he had invested over $250,000 in Dogecoin. April 15, Contessoto declared the investment made him a millionaire.
Contessoto most certainly survived the May crash, but his two-month-old billionaire status was snatched away by the second one on June 21, which lasted until Tuesday as China stepped up its efforts to restrict crypto trade and mining.
Contessoto's cryptocurrency holdings, which solely included Dogecoin, fell by $1,67,000 on Tuesday alone, according to a CNBC report, reaching a low of $8,31,538.
The price of Dogecoin in India has dropped dramatically this month as a result of a global cryptocurrency sell-off.
Contessoto paid USD 0.04 for Dogecoin when he purchased it,. Contessoto's holdings surpassed $2 million on May 8, when it touched an all-time high of around $0.73 Following that, Dogecoin's price began to fluctuate, but Contessoto remained optimistic for the long run, even buying more Dogecoins throughout the troughs. Despite price reductions, he refuses to sell.
“If Bitcoin and Ethereum weren't also [hit], I'd be worried,” Contessoto was quoted as telling. He still appears bullish on Dogecoin, saying he plans to remain invested in it for at least a year. “Whatever happens in the short-term doesn't matter to me because I'm looking to ‘HODL' Dogecoin for years to come.”
