April 12, 2024 1:54 AM | 2 min read |
Glauber Contessoto, recently emphasized the significance of conviction in crypto investments, particularly referencing his early belief in Dogecoin (CRYPTO: DOGE).
What Happened: In a tweet on Thursday, Contessoto shared his experience of being ridiculed for his early conviction in Dogecoin in 2021. He highlighted how his steadfast belief eventually paid off, turning the tables on his critics. He also stressed the importance of trusting one’s gut feeling when it comes to investing in a particular cryptocurrency.
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Contessoto, who was once known as the “Dogecoin Millionaire”, saw his fortune drastically drop from $3 million to $50,000 at one point. Despite this, he remained optimistic about the potential of Dogecoin, asserting that it would rise again.
So far this year, Dogecoin has been on a tear, rising 121.4% since January 1. The meme coin has eclipsed gains of larger cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which have risen 68% and 55% respectively in a similar period.
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Why It Matters: Contessoto’s conviction in Dogecoin has been a significant part of his investment journey. He had previously predicted that he would regain his “millionaire” status if Dogecoin hit 20 cents. His recent tweet underscores the importance of conviction in making investment decisions, especially in the volatile world of cryptocurrencies.
Contessoto, known on X as the SlumDOGE Millionaire, recently announced a $300,000 investment in three meme coins, stating that market dips are the best times to double down on one’s convictions.
Price Action: At the time of writing, Dogecoin traded nearly 1% higher at $0.20, according to data from Benzinga Pro.
Photo Courtesy: Shutterstock.com
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