Millionaire Dogecoin Loses $ 462,000 Due To Coin Meme

A trader lost half a million dollars because of the same token

Glauber Contessoto is not an ordinary investor. The latter became famous through his YouTube channel and his Twitter account after announcing to the world that he had become a millionaire thanks to the same most famous corner of the crypto world, the Dogecoin.

DogeCoin Loses $ 461,000 to DOGE Millionaire

the Doge coin is famous in the crypto world. He is revered as much as hated by his holders for the impressive performance he brought them. In addition, it is the same corner that received the support of one of the richest men on the planet, Elon musk himself. The owner of Space X has touted the same coin on numerous occasions throughout the year, particularly in May 2021, in the midst of the frenzy that had gripped the market.

Corn Glaubeber Contessoto is not a billionaire. The 33-year-old lives in Los Angeles and made his first million dollars from dogecoin in just 69 days. On this occasion, he had given up his work to devote himself entirely to his YouTube channel as well as to his Twitter account, two platforms that he used mainly for self-promotion under the pseudonym of SlumDoge Millionaire.

However, since May, the market has particularly lost value. And the famous same coin with the image of the popular dog Shina Inu has not been idle in the impressive fall. Because the humorous token has lost 80% of its value since its All Time High. Thus, many Internet users have criticized Glauber Contessoto for showing only the gains made, and for hiding the losses. A practice that is common among traders. Indeed, on social networks, it is easy to share only the victories and to make believe that the trading is easy.

It is in response to these criticisms that the young millionaire posted on his Twitter a screen shot of his current position in the token. DogeCoin.

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An impressive loss. It’s the least we can say. The latter had opened a position on the DOGE. Without sharing the details of his buy order, he is currently down 36%, which equates to $ 461,672. Or almost half a million dollars. Is the dogecoin millionaire still a millionaire?

For those who say I only show my wallet when #dogecoin is up 🚀. Here is loss porn. Almost $ 500K down last month. But I still believe in #doge and if I can #HODL you can #HODL. Better days await us. We will get up again and next time we will be higher than before 🐕🌔

porn loss on dogecoin

Dogecoin millionaire lost half a million dollars on the same token

When Bitcoin Falls, Meme Coins Crash

Among these losses, the young adult notably suffered a loss of 167,000 dollars in a single day. This is because of the correction in bitcoin which brought down the entire market.

The same corners are tokens that can bring a lot of winnings very quickly. However, they are still dangerous purchases. If you want to get rich quick, you should also avoid assets or positions that can make you poor very quickly.

Buying Bitcoin or Ethereum is a more responsible bet. But that doesn’t mean you will miss out on the fortune. Contessoto did not want to make the choice of safety. After making such big gains on Dogecoin, it’s hard to back down and accept to go slowly on the million dollar path. The latter has also announced that his goal of winning was $ 10 million. At this stage, he wants to unlock 1 million in Fiat, to set aside. And continue to hold and buy the same coin, probably with the billion-dollar goal in mind. We wish him good luck !

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