On Thursday 13 May, Contestoto asked the cryptocurrency community “HODL” (“hold on for dear life” /hold on for dear life) in a post to hold on to your Dogecoin investment, although its price was trading lower at the time. Contesto launches its cryptocurrency trading app screenshot Also posted and captioned it- “If I can hodl, you can HODL! (If I can hodl so can you HODL!) Shibes Unite!”
It can be seen in the screenshot that the holding of Dogecoin had fallen by about $1.5 million (about Rs 10.98 crore). In early April, he said that his investment had increased to about $2 million (about Rs 14.65 crore). Soon after being posted, people started commenting on it. One user Kalechi said, “Below 45 thousand but holding.” At the same time, another user StealAllTheInternets wrote, “Below 200 thousand but holding.”
Expecting the price of Dogecoin to rise, ArnaldoFagiolini wrote, “No bad days, the future will be bright.HODL” Another user DogeGodFathe called Contessoto a legend. The rise of Dogecoin caught the attention of many earlier this year. The credit for which goes to Elon Musk, who calls himself the Dogefather. SpaceX and Tesla CEO Musk also announced recently that Tesla will no longer accept bitcoin as payment. He said that he is working with the developer to try to improve the price of Dogecoin. After this some upsurge was also seen in its prices.
The price of Dogecoin, inspired by the Shiba Inu Dog launched like a meme, has seen a record increase. The digital asset reached its all-time high of $0.72 (approximately Rs 52.74) on Saturday 8 May. However, experts pointed out the risks of digital currency despite its rising prices, saying that the faster its prices go up, the faster they come down. However, for those who can take the risk, the rise of this cryptocurrency has proved to be a breeze.