Contessoto, a resident of Los Angeles, told Benzinga, a financial market media organisation, that Dogecoin’s greatest asset is its branding and the cryptocurrency does exactly what it was created for – buy and sell things. The low value of Dogecoin makes it less likely a choice to store value or hoard. People readily accept it as a medium of exchange and spend it on buying goods and services, while top crypto coins like Bitcoin and Ether are primarily seen as a store of value.
While Contessoto, 33, said he does not understand technical analysis, he focuses on “market sentiment and pop culture shifts”. He said his Dogecoin investment is largely influenced by the idea that the economy is now more dependent on social media trends and influencer marketing.
When the market crashed in May, Contessoto had urged the Dogecoin community to unite and not liquidate their investments. He had said he invested his life savings — about $1,80,000 (roughly Rs. 1.32 crores) — in Dogecoin when its price was about $0.045 (roughly Rs. 3.66) in February. By the end of April, his initial investment had grown to almost $2 million (roughly Rs. 14.65 crores).
In July, Contessoto said he bought more Dogecoins worth $5,300 (roughly Rs 3.94 lakhs).
According to the Benzinga report, Contessoto feels Dogecoin will “be every newcomers’ bridge” into cryptocurrency in the years to come. He also said that he held 4,206,969 DOGE — worth more than $987,000 (Rs. 7.39 crores approx.) at the time of writing this report.
Launched as a meme based on the Shiba Inu dog, Dogecoin had reached an all-time high on May 8 at $0.72 (roughly Rs. 52.74). Dogecoin price in India at the time of writing this report was around