Self-proclaimed “First Dogecoin Millionaire of 2021”, Glauber Contessoto is rapidly losing his fortune. In a recent tweet, he also made an interesting confession about his Dogecoin investment.
2021 Dogecoin millionaire admits to being the “exception” but DOGE didn’t sell
Contessoto admits to being an exception, making millions during Dogecoin’s spectacular rise in April and May of last year he did.
Millionaires are made in bear markets, I was just an exception last year… next bull run I’ll be more than ready. I still haven’t sold any #dogecoin. Recession is around the corner so I’m stacking crypto all 2022 and 2023 if that’s what it takes. $10 million is still the goal 🚀
— SlumDOGE Millionaire (@ProTheDoge) June 11, 2022
“slumDOGE millionaire” on Twitter Contessoto, using the phrase, continues to believe in Dogecoin, despite its 91% loss in value since May 2021. As Dogecoin continues to drop, he insists he never sold the cryptocurrency. Contessoto of Los Angeles has a “millionaire” story that draws attention to cryptocurrencies in general.
In April of last year, Contessoto claimed to be a Dogecoin millionaire. “I believe I am the first Dogecoin millionaire of 2021,” he wrote on Twitter on April 17.
Dogecoin slumped 17%, with the $0.05 gate
the crypto market slumping over the weekend as US inflation data reported on Friday beat expectations. Meanwhile, stocks fell, with two-year Treasury rates hitting their highest level since 2008. In recent months, cryptocurrencies have tumbled along with stocks as the Federal Reserve has raised interest rates to combat inflation.
In the last 24 hours, DOGE/USD is down roughly 2% to trade at $0.067. Thus, he recorded his third day of loss.
DOGE founder advises bear market
Coinglass statistics report $3.1 million liquidation as DOGE is on the decline. In other words, thousands of investors lost money in this decline. Meanwhile, Dogecoin co-founder Billy Markus, also known as “Shibetoshi Nakamoto,” offers tips to crypto investors looking to buy bearish markets.
In the tweet above, Markus says:
Best to invest in bear market What is the thing? I think the answer is always the same. So yourself. Learn marketable skills. The easiest and cheapest time in history to learn something.
A giant whale collects 400 million DOGE as the market drops
On the other hand, whales are accumulating DOGE with the recent drop in price. But despite the large-scale accumulation of BSC whales, it remains bearish, analysts say. Known as the “Scarlet Witch” on Reddit, the whale bought 400 million DOGE worth $31.66 million. Thus, unaware of today’s decline, it has accumulated 400 million DOGE by paying a fee of $0.11 on June 10.
But huge purchases are not enough for meme coin. For example, crypto analyst Kelvin Maina said that a drop below the $0.08 price level invalidates the uptrend. According to the analyst, Dogecoin may continue to decline with a bearish presence.
Dogecoin is currently trading 91% below its ATH price. However, the weekend saw double-digit losses. Despite the price drop, whales are optimistic about DOGE price recovery. This can be said by looking at current purchases.
