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.

See Also: Crypto Analyst Says Shiba Inu Expected To Surge 155% As Meme Coin Establishes Strong Support Levels

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.

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

Read Next: Hold On To Your Dogecoin: It’ll Be The ‘First Meme Coin To Reach $100B Market Cap,’ Says Trader