Famed Dogecoin (CRYPTO: DOGE) investor Glauber Contessoto said he will “double down” by investing $25,000 in the meme cryptocurrency following the drop in its price.
What Happened: Contessoto, who goes by the username “SlumDOGE Millionaire” on Twitter, said he will buy $25,000 worth of Dogecoin “soon.”
— SlumDOGE Millionaire (@ProTheDoge) July 6, 2021
Contessoto had invested his life savings in Doecoin earlier this year. His Dogecoin holdings touched $2 million in May after the Shiba Inu-themed cryptocurrency hit an all-time high of almost 74 cents in early May.
Contessoto lost his millionaire status following the selloff in the cryptocurrency markets in June. However, he has refused to sell his holdings in Dogecoin and said he plans to hold the cryptocurrency for more than a year.
Why It Matters: Dogecoin’s surge to prominence this year can be attributed to endorsements from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and other celebrities.
However, the meme cryptocurrency is down 67.6% from the all-time high of $0.7376 it touched in May. The prices of cryptocurrencies such as Dogecoin are driven by social media hype,
Price Action: Dogecoin is down almost 1.2% during the last 24 hours, trading at $0.2391 at press time.