Famed Dogecoin DOGE/USD investor Glauber Contessoto is no longer a Dogecoin millionaire but said Tuesday he is continuing to buy the dips in the meme coin.
What Happened: Contessoto, who goes by the username “SlumDOGE Millionaire” on Twitter, said he purchased $5,000 worth of Dogecoin during what he believes is the last dip. He thinks the meme coin “hit the very bottom” at $0.16 early Tuesday morning.
Contessoto added that Doge is his “savings account.”
The Dogecoin investor said earlier this month that he will “double down” by investing $25,000 in the meme cryptocurrency following the drop in its price. He had bought $5,300 worth of Dogecoin at $0.17 last week.
See Also: Why Is Dogecoin Soaring Today?
Why It Matters: Contessoto, who invested his life savings in Dogecoin earlier this year, became a Dogecoin millionaire after his holdings in the meme cryptocurrency touched $2 million in May.
Despite lost his millionaire status following the selloff in the cryptocurrency markets in June, Contessoto refused to sell his holdings in the Shiba Inu-themed cryptocurrency and said he plans to hold it for more than a year.
Dogecoin’s surge to prominence this year can be attributed to endorsements from Tesla Inc. TSLA CEO Elon Musk and other celebrities.
While the cryptocurrency’s year-to-date gain stands at 2,939.7%, it is down almost 76.6% from its all-time high of $0.7376 reached in May.
Price Action: Dogecoin is up 3.5% during the last 24 hours, trading at $0.1749 at press time.
Photo by Wayan Vota on Flickr
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