DOGE Millionaire Lost $3M in Crash, Stayed For Imminent Rally

© Reuters. DOGE Millionaire Lost $3M in Crash, Stayed For Imminent Rally

• Glauber Contessoto admitted to losing $3 million in Dogecoin, but assured Doge Army that he is in for the long run and bullish on DOGE.
• Dogecoin price started recovery after a week-long consolidation, posting 5% gains overnight.
• Bitcoin’s gains could kick off the Dogecoin price rally, pushing the meme coin to $0.09.

Glauber Contessoto, popularly known as the Dogecoin millionaire, lost close to $3 million in DOGE after investing his life savings in the meme coin. When Contessoto acquired DOGE, it was worth 5 cents per coin and turned $188,000 to over $1 million.

Contessoto assured the DOGE army that he hasn’t sold his initial investment despite $230,000 in unrealized profits. The Dogecoin millionaire believed in the value of his initial investment for the community and the goal of mass adoption. Despite unrealized losses of nearly $3 million on his initial investment of $100,000, the millionaire is bullish on DOGE.

In a recent tweet, Contessoto told his 228,100 followers on Twitter (NYSE:TWTR) that the upside outweighs the downside in the case of Dogecoin, Bitcoin, Ethereum, and Cardano.

Meanwhile, Dogecoin called for developers, writers, and community members to join the community. Interestingly, whales on the Binance Smart Chain have accumulated DOGE consistently, adding to their Dogecoin holdings during the dip.

The Dogecoin price chart flashed a buy signal for investors. Dogecoin price witnessed a steep correction in the first week of July after a premature attempt to climb higher. Dogecoin is currently in the buy zone that extends from $0.053 and $0.060. Dogecoin price could start its next leg up after the recent retracement.

The three-month correlation between Dogecoin and Bitcoin is 0.95. Therefore, it is likely that Bitcoin gains kick off a price rally in the meme coin. Bitcoin price recovered from the slump after the US CPI announcement and showed optimistic signs. When Bitcoin’s price crossed $20,000, the asset triggered the Pi Cycle Bottom indicator. This signal was previously used to accurately discover Bitcoin’s 2018 cycle low of $3,000 and 2021 highs of $64,000.

DOGE-USD Price Chart (Source: TradingView)

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.

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