Contesto survived the market crash in May but another crash occurred on June 21, which extended till Tuesday. It took away his two-month-old billionaire tag after China doubled down on its efforts to curb crypto trading and mining.
CNBC’s one Report As per reports, Contesto’s cryptocurrency holdings, which only contained dodgecoin, fell by $1,67,000 (approximately Rs 1.23 crore) to a low of $8,31,538 (approximately Rs 6.16 crore) on Tuesday alone. This month amid massive selling of cryptocurrencies dodgecoin price in india has declined sharply. CoinDesk According to the meme-based currency, it was trading at 19.1 (about 0.26 US dollars) on June 28 at 3 pm (IST).
When Contessoto bought Dogecoin, it was priced at around USD 0.04 (approximately Rs.3). On May 8, it reached an all-time high of around $ 0.73 (about Rs 54). Thereby, Contesto’s stake exceeded $2 million (approximately Rs 14.83 crore). After that Dodgecoin started to fluctuate but Contesto remained hopeful for a long time. During the dips he bought more Dodgecoins and refused to sell them despite the fall in prices.
If bitcoin and ethereum weren’t (hit) too, I would be worried,” Contesto told CNBC.
He still remains optimistic about Dogecoin, saying that he plans to stay invested in it for at least a year. “Whatever happens in the short term doesn’t matter to me as I am only looking at ‘HODL’ Dodgecoin for years to come.”