Investor Misses Out on Potential Million-Dollar Dogecoin Profit
Release: 2024/05/15 20:55 Reading: 810
You can also read this news on COINTURK NEWS: Investor Misses Out on Potential Million-Dollar Dogecoin Profit
A DOGE investor, who owned one of the largest Dogecoin wallets, missed out on a potential million-dollar profit by selling his coins at an unfortunate time. According to data, this investor started accumulating DOGE in late 2013, initially investing only $146.87 and accumulating over 274,000 coins just 21 days after Dogecoin's launch. Over the years, the wallet continued to invest heavily, and by early 2015, the total investment reached approximately $5,000.
Missed Out on Thousands of Dollars
From 2016 to 2023, the wallet remained inactive, while Dogecoin's price surged due to high social media interest and support from figures like Elon Musk. At its peak in 2021, the wallet's investment exceeded $4 million. Despite this, the wallet owner chose not to sell, and as the cryptocurrency market rapidly lost value in 2022 and 2023, DOGE's price also fell.
The wallet owner finally decided to sell all his coins at the end of 2023 as DOGE showed signs of recovery. However, this sale occurred before DOGE experienced a significant resurgence, resulting in missed potential gains. Ironically, shortly after the sale, memecoins, especially DOGE, saw a price increase, with the altcoin's price rising by approximately 120% since the sale.
At its peak in 2024, DOGE reached a price of $0.23, a 235% increase from the sale price. Had the wallet owner held onto his coins, his total would have increased by an additional $870,000. The timing of the sale highlights the difficulty of achieving optimal profit in a volatile market like cryptocurrency.
DOGE Under Selling Pressure
Currently, DOGE is facing a correction in its price trajectory and is struggling to stay above $0.15. The altcoin's trading volume has decreased in the last 24 hours, and derivative investors are reducing their bets on DOGE futures. It is also noted that long liquidations are dominant in DOGE futures as investors try to minimize losses from the decline.
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Nevertheless, the altcoin's Relative Strength Index (RSI) indicates that it is neither overbought nor oversold. However, DOGE is currently trading below its 50-day Exponential Moving Average (EMA), indicating a short-term bearish trend for the altcoin.
The post first appeared on COINTURK NEWS: Investor Misses Out on Potential Million-Dollar Dogecoin Profit
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