Dogecoin Millionaire Remains Optimistic About DOGE Despite Significant Losses

[bittraffic]

Didn't he took any profits from that $3M value during the peak? I bet that he has felt greed during that time and think that there's more to come. Being down a lot from $3M to $50k, I don't know what will happen to me if it's me. But I am going to take profits little by little when I've seen my portfolio earns that much. It's a different thing and I understand him having this major share of his portfolio and that's why he don't want to dump it too quickly and easy. No one knows if it will still recover for the next bull runs but maybe it won't anymore.

You can say greed to a point or he is just as optimistic as a nerd. I have been a doge holder since time before him and had also followed the dogecoin millionaire since he become popular.

When he got some advice from his new found friends, he was just convinced that prices are gonna go up further because of Elon's SNL show. His friends says sell it but the guy wanna cling on his coins. little did he know it was already the start of bears.

[VFalcon]

I would think twice before investing in DOGE, after all the high of this coin has already passed, pay attention to more stable coins like TFS or ADA, because by the next bull run they will be able to surprise us.

[DeathAngel]

I saw his Tweet, being down in crypto portfolio’s is nothing new for any of us who have been around for multiple cycles. All it takes is patience though to be back in serious profits.

I’m not a big fan of DOGE but he will be back to all time highs again within a couple of years. He is an experienced guy, he will not be panicking. His $3,000,000 will probably return to be $10,000,000 or more within 2 years because that’s how crypto works.

[tuoilozxiwntao]

He invested at the right time, but he didn't know how to take profits.

[Godday]

Contessoto is not the only investor who has experienced a significant decrease in the value of Dogecoin holdings. Keith Johnson, another investor, suffered losses and even filed a $258 billion lawsuit against Elon Musk, known as the “Dogefather” for his support of Dogecoin.

Whatever crypto assets we buy are entirely our own responsibility because there is no interference from other parties. Losses caused by other people's tweets will not be the reason you are harmed. It's like you say something nice but to other people it's not something good. We are adults who can choose what we think is right not from what other people say.

[Taskford]

However, the value of Dogecoin has since declined, and it is currently Trading at $0.06378. This sizable drop in value has diminished Contessoto’s holdings to approximately $50,000. Despite this loss, Contessoto maintains his trust in Dogecoin and believes that dog-themed meme coins have a better chance of spiking in value compared to other meme coins. He points to the success of frog-themed crypto PEPE as an example.

He has no choice but to believe that there will be new round for his holding to reach for millions again. But I believe that he regret his decision by continue to hold it since if he sold it he would provably enjoy the money he earned from doge. But greed eats him and I guess he is now holding back waiting for another chance in life to earn millions.

We can learn a lesson from his story and we should avoid his mistake made so that we will not lose a fortune on bad decision we possibly take.

Yes selling is a part of investing. You should know when to buy, when to average and when to sell. If you missed the selling period you should hold or average. If you are much lower from the expected stop loss and if you believe in the coin you are holding, it's better to keep them as there are higher chances that it would break its own price record on a subsequent bull run. Dogecoin being a popular coin would be here for long and would probably go through multiple bulls in the future.

Doing stop loss that situation is kinda awkward to his side knowing that he became a Doge millionaire but suddenly end up a chunk for him so there's nothing left for him but to decide to hold. For sure he regret all the decision he made since if he sold immediately his Dogecoin for sure he can still buy more today and wait for another round of pump.

Since now he experience such unfortunate turn out of events on crypto for sure he can learn a lot from this and always remember this situation.

[gurunanakji777]

We're aware that the cryptocurrency market is highly unpredictable, and it's crucial to grasp the essence of digital currencies prior to investing. It's important not to be swayed by others' profits. From my standpoint, if he sells his holdings of Doge before it reaches its all-time high again, he's likely to incur losses. The positive aspect is that he maintains an optimistic outlook and continues to retain a substantial amount of Doge. I believe that in the upcoming market upswing, he might manage to recoup a portion of his losses, or perhaps even return to a profitable position, provided he holds onto his holdings.

[ndutndut]

Even though from Elon Musk's point of view it was wrong because he was promoting Doge, and often raising Doge on his social media which made Doge very attractive to investors, investors who bought them were still wrong because they were carried away by this scheme. so it's not worth it for him to blame other people, because he has that decision before making a purchase.

Many were carried away by Elon Musk's scheme and I think that was natural because at that time there were a lot of advantages from Dogecoin as a result of being promoted by Elon Musk. However, sometimes we get swept up in the scheme that was created so that it is too late to cut loss, and indeed that is our risk as investors. Yes, of course, every decision has been prepared with existing risks, blaming other people, of course, is of no use at all.

And maybe we're just waiting for the bullrun to arrive, everything will return to their respective positions, and the loss won't be in vain if we keep holding on to it, or maybe it will also disappear into dust.
Invest with money you are prepared to lose, especially in meme coins. LOL

This is a very risky meme coin investment risk. There is no other way but to wait for the bullrun to minimize losses while hoping it doesn't turn to ashes in the future. But if you look at the huge Dogecoin community, I believe Dogecoin will reach a new ATH one day.

[_BlackStar]

We're aware that the cryptocurrency market is highly unpredictable, and it's crucial to grasp the essence of digital currencies prior to investing. It's important not to be swayed by others' profits. From my standpoint, if he sells his holdings of Doge before it reaches its all-time high again, he's likely to incur losses. The positive aspect is that he maintains an optimistic outlook and continues to retain a substantial amount of Doge. I believe that in the upcoming market upswing, he might manage to recoup a portion of his losses, or perhaps even return to a profitable position, provided he holds onto his holdings.

Each of the holders must have understood what the risks are - so I don't worry about it as long as I don't have it. I don't have Doge in my investment portfolio - but some investors still think it will be profitable in the long term. This could be right or wrong - but what's the point of thinking about something we don't have?

The upcoming bull cycle may answer their patience and faith - but nevertheless there is a big risk about Doge investing even though it is one that made many millionaires in crypto in the past few years.

[milewilda]

Investing in cryptocurrencies can be risky, especially in the volatile Market of Dogecoin. One investor, Glauber Contessoto, experienced a significant loss in his Dogecoin holdings, going from almost $3 million to $50,000. Despite this setback, Contessoto remains optimistic about the future of Dogecoin and believes it has staying power.

The rise of 'Dogecoin in 2021 resulted in early investors becoming millionaires. DOGE’s market cap skyrocketed from $1.2 billion to $75.26 billion in less than five months, reaching an all-time high of $0.74. Glauber Contessoto was one of these overnight millionaires, with his holdings reaching $2.9 million.

However, the value of Dogecoin has since declined, and it is currently Trading at $0.06378. This sizable drop in value has diminished Contessoto’s holdings to approximately $50,000. Despite this loss, Contessoto maintains his trust in Dogecoin and believes that dog-themed meme coins have a better chance of spiking in value compared to other meme coins. He points to the success of frog-themed crypto PEPE as an example.

Contessoto is not the only investor who has experienced a significant decrease in the value of Dogecoin holdings. Keith Johnson, another investor, suffered losses and even filed a $258 billion lawsuit against Elon Musk, known as the “Dogefather” for his support of Dogecoin. Musk’s tweets about the cryptocurrency often result in price spikes.

Source:
https://btc.gripe/threads/dogecoin-millionaire-remains-optimistic-about-doge-despite-significant-losses.9127/

Come to think that we are still on a bear market and DOGE isnt the only one which is on such situation but most coins are really that in huge percentage losses comparing into its All time highs on that previous bull run.
If you've been holding something then this does signify that you are really that trusting up on a project whether you have just caught yourself on the peak and cant be able to sell out due to high entry or losses
or simply you are holding it for long term just because you are really that optimistic in regarding into its relevance and actual utility? Each person does have their own approach when it comes to the coins or tokens that they do have in their bags and been long time been holding. If you are really that optimistic about DOGe then let it be and come to know that despite of being a meme coin then cant really be removed out the impression and believe that Elon is really that still bag holding this thing on which it could be potentially be hyped out in upcoming bull run whether on next year or on Q1 of 2025 but in overall there's no way on knowing
on what would be the things that might happen afterwards.