Famed Dogecoin (CRYPTO: DOGE) investor Glauber Contessoto stated he’ll “double down” by investing $25,000 within the meme cryptocurrency following the drop in its worth.
What Occurred: Contessoto, who goes by the username “SlumDOGE Millionaire” on Twitter, stated he’ll purchase $25,000 price of Dogecoin “quickly.”
— SlumDOGE Millionaire (@ProTheDoge) July 6, 2021
Contessoto had invested his life financial savings in Doecoin earlier this 12 months. His Dogecoin holdings touched $2 million in Could after the Shiba Inu-themed cryptocurrency hit an all-time excessive of just about 74 cents in early Could.
Contessoto misplaced his millionaire standing following the selloff within the cryptocurrency markets in June. Nonetheless, he has refused to promote his holdings in Dogecoin and stated he plans to carry the cryptocurrency for greater than a 12 months.
Why It Issues: Dogecoin’s surge to prominence this 12 months will be attributed to endorsements from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and different celebrities.
Nonetheless, the meme cryptocurrency is down 67.6% from the all-time excessive of $0.7376 it touched in Could. The costs of cryptocurrencies equivalent to Dogecoin are pushed by social media hype,
Value Motion: Dogecoin is down virtually 1.2% over the last 24 hours, buying and selling at $0.2391 at press time.