Dogecoin (DOGE) is among the crypto coins that lost more than 90 percent of their value during the 2022 bear market. The astronomical price drop has caused many investors to sell their coins in the dark. It takes a very high level of conviction and optimism to hold your position in the face of such large declines. The “SlumDOGE Millionaire” held steadfastly to its holdings and is still doing very well despite a huge paper loss bullish about the future of crypto.
DOGE investments shockingly fall in value
Investors from the crypto world know best how it feels when an investment is under water. The volatility therefore scares many people outside of the ecosystem. Many altcoins have lost most of their value and many investors are suffering a huge loss as a result.
DOGE was one of the biggest hypes during the previous bull market. The memecoin coveted by Elon Musk surged thousands of percent and manifested itself among the big time. Faithr Contessoto, better known as the SlumDOGE millionaire, invested a total of $250,000, which was all his money at the time, in Dogecoin in February 2021.
In April claims to be the very first DOGE millionaire. At its peak, the total value of his investment was a whopping $3 million.
However, Contessoto refused to sell and now sticks to the baked pears. The value of his property to the Les Vegas resident has dropped to just $50,000.
I used to have $3 million #dogecoin
Now it’s $50,000
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Dogecoin HODL’er stands firm
Despite this, Contessoto remains confident that Dogecoin will have a bright future. Despite the whopping drop, he still expects the next bull market to break the magic $1 mark.
He believes the memecoin will act as the currency of X, formerly known as Twitter. This year there has already been a lot of speculation about a possible integration of DOGE on the popular social media platform. This has everything to do with Musk’s Twitter takeover last October.
The name change has breathed new life into the rumor mill in that regard. X will eventually serve as a so-called “super app,” and crypto enthusiasts are hoping that digital assets will somehow find a place in that umbrella application.