DOGE coin Multi — millionaire is NOT a millionaire anymore !
So I came across this “Happy Go Lucky” chap who went all-in on the DOGE coin in 2021. I saw him first on one of the popular finance channels that Andrei Jikh runs. Being a crypto enthusiast i got quickly attached to his story and personality and followed his journey as and when time permitted. This article is just to share his journey and my humble opinion as to what went wrong to a story that could have had a merrier ending.
The beginning!
He bought the DOGE coin first time in Jan 2021 when it was valued at about 0.01 cents by investing 40 dollars and to his surprise that turned into 300 dollars the very next day. Little would anyone imagine that a week later he poured in his entire life savings and borrowed money into DOGE.
The Journey!
During the bull run around mid-2021, his portfolio stood over $2 million making his Reddit post viral and he was interviewed on CNBC as well. If you have been a crypto enthusiast then you might have at least heard his story once.
It’s fair to say this not only earned him money, fame and recognition in media but it also brought him which i feel is very important the connection with famous and top finance YouTubers like Andrei Jikh, Graham Stephen, meet Kevin and so on and a medium to connect with an audience in form of subscribers for his Youtube channel.
I remember he was waiting for DOGE to hit 1$ price point at an event where ELON MUSK was supposed to mention doge which would enable him to sell off and pocket some gains however the opposite happened. In the crypto world, they say
“ Buy the rumour, sell the news” which means the price of an asset will move up in anticipation of good news but not necessarily after!
which is what happened in his case too as it often happens in crypto.
When he went live on shows with Andrei & Stephen, they tried to convince him to sell off and buy back when the price hits low like it is today 0.13c compared to 0.70c during the show. but like any novice investor who hasn’t gone through the crypto cycle, he fell into the trap of being “Diamond Hands” which simply means a person who doesn’t sell off when the price is dropping.
The Climax
As of today, his portfolio is worth $450k, 300k of which is still is profit on the investment. He did get into other meme coins like Floki Inu, Cardano(ADA) just before the prices went down. However, i believe as the market enters into extended BEAR market conditions his net worth will decrease considerably. He’s grown his youtube channel to 100k subscribers in the meantime however he went off posting new content for almost a month and when he returned he did mention that it has definitely affected him mentally watching his portfolio go down from almost $3m to $450k.
Conclusion
To conclude i believe he could have sold coins worth a million dollars and kept the rest to show his trust in the coin and remain a SUCCESS story in books of crypto forever. however, he choose to stand by his words and kept all the coins. I am sure he will be a multi-millionaire with the coins again someday in future when the bull market returns but until then he will remain a BAG HOLDER in the eyes of the crypto community.
