In 2020, when Elon Musk began endorsing Dogecoin (DOGE) on Twitter (now known as X), a user of the platform, Glauber Contessoto, better known as SlumDOGE Millionaire, decided to invest $250,000 in the meme coin.
At one point, their investment skyrocketed to a staggering $3 million, but the crypto enthusiast withheld withdrawing the funds.
However, Dogecoin’s value has plunged by over 90% from its peak of $0.73 in May 2021. This drastic decrease has led to SlumDOGE Millionaire’s investment dwindling to a mere $50,000.
Despite the massive dip in their fortune, the maverick investor expressed their disappointment on X but has not lost faith in the cryptocurrency.
I used to have $3 Million in #Dogecoin
Now it’s $50,000
What happened?
😣 pic.twitter.com/tOw2pNTPaI
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
They firmly believe that DOGE will emerge as the preferred cryptocurrency for payments on X, which may boost its value in the future. SlumDOGE’s belief could be validated by X’s recent interest in crypto payment integrations, fueling speculation that Dogecoin might become one such method.
However, as of now, Dogecoin remains a largely speculative asset, its value being heavily influenced by Musk’s statements.
Contessoto, despite the woeful condition of the investment, SlumDOGE remains optimistic, speculating that Dogecoin’s price will escalate to $1 during the next bullish market. They acknowledged that cryptocurrency markets fluctuate and admitted to having underestimated the extent of the downturn.
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