Former DOGE millionaire buys its dip; Says DOGE is his savings account | Invezz

Renowned Dogecoin (DOGE/USD) investor Glauber Contessoto is no longer a DOGE millionaire. He disclosed this news during an interview on July 20, noting that the digital asset’s poor performance over the past few months does not faze him. To this end, he has been purchasing more DOGE despite the fact the token is down more than 70% from its all-time high.

In the interview, Contessoto disclosed that he believes DOGE is set for more gains in the long term. While he is not a financial expert, he remarked that people should look into the long-term and hold their coins, adding that he believes DOGE has already bottomed. The 33-year-old further disclosed that he would continue buying more DOGE because the coins are his saving account.

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Claiming to practice what he is preaching, Contessoto, who goes by SlumDOGE Millionaire on Twitter, said he purchased $5,300.00 (£3,874.75) worth of DOGE in the past week. According to him, DOGE was worth $0.17 (£0.12) at the time. Urging other DOGE adopters to maintain their support for the Shiba Inu-themed cryptocurrency, Contessoto said that DOGE’s bottom was close.

An unrelenting DOGE bull

Contessoto’s DOGE journey started in February this year when he combined his savings and borrowed funds to buy the eighth-largest cryptocurrency by capitalization. Reportedly, he invested $250,000.00 (£182,773.75) when the token was trading at $0.045 (£0.033). After two months of DOGE rallying, Contessoto came out to share that his holdings had exceeded $1,000,000.00 (£733,000.00).

DOGE continued performing bullishly until May 8, when it set its ATH at $0.7376 (£0.54). At this point, his DOGE holdings were well over $2,000,000 (£1,462,470.00). Nonetheless, Contessoto did not cash out his wealth, a decision that has seen this treasure trove shrink to $700,217.09. Allegedly, he seeks to let his DOGE holdings increase to $10 million (£7,330,000.00) so that he can cash out 10% and let the value of the remaining funds increase.

He predicts that DOGE will surge past $1.00 (£0.73) in a year. At the time of writing, 1:34 PM UTC, DOGE is changing hands at $0.1915 (£0.14) after gaining 17.41% over the past 24 hours.

With this kind of volatility, a strong buying force could easily push the coin’s price up again. However, financial experts have been voicing concerns over the volatility and speculative nature of cryptocurrencies, with an emphasis on DOGE. According to them, investors should exercise caution when investing in the digital asset because it lacks the scarcity and technology properties of BTC.