Dogecoin Millionaire Sees Holdings Fall from $3M to $50K as Whales Flock to New Meme Coins

Alisha Dar
28 Aug 2023
Meme tokens are renowned for their intense "high-risk, high-reward" potential. While some meme coin investors have experienced impressive gains within weeks, others have faced significant losses due to poor investments.

Tokens like Dogecoin, Shiba Inu, and Pepe have all witnessed rallies exceeding 10,000%, transforming many small-scale investors into millionaires. Nonetheless, due to the pronounced bearish sentiment in the crypto market, their current trading values are well below their market peaks.

This article delves into the story of Glauber Contessoto, who saw his Doge investments turn him into a millionaire within two months, only to suffer substantial losses afterward. Additionally, it explores two alternative meme coins that investors are rallying behind.

Early Investor Faces $2.5 Million Loss as Dogecoin Trades 90% Below Peak

Two years ago, Glauber Contessoto proudly announced on Reddit that he had become a Dogecoin millionaire. He shared a screenshot showing a 700% surge in his Doge holdings, totaling over $1 million.

Contessoto, self-dubbed the "SlumDOGE Millionaire," disclosed investing nearly $250,000 in the prominent meme coin on February 5, 2021. Inspired by Elon Musk's endorsement of the dog-themed meme currency, similar to many Dogecoin investors, he took the plunge. Musk had tweeted that Dogecoin is the "people's crypto," a stance he still maintains.

Within a short period, Dogecoin's price soared from 4.9 cents to nearly 30 cents by April, making Contessoto a millionaire on paper. His bullish outlook led him to quit his music industry job, accept social media promotion payments in Dogecoin, refuse to sell any holdings, and consistently buy during dips. Contessoto later revealed that his Dogecoin investments surged to $2.9 million, illustrating the impressive potential of the leading meme coin.

However, Dogecoin subsequently plummeted around 92% from its all-time high of $0.73, currently trading at $0.062. Consequently, the Dogecoin millionaire faced losses of approximately $2.5 million, holding a mere $50,000 worth of Dogecoin. 

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Despite these setbacks, Contessoto remains positive about Dogecoin's long-term prospects, once again pinning hopes on Musk.

Yet, it remains uncertain if the "Musk effect" continues benefiting the top meme coin, given that Musk-triggered rallies are often transient. Musk himself faces a $258 billion lawsuit for alleged insider trading due to his vocal support of Dogecoin.

Furthermore, Pepe's recent 10,000% surge highlighted that explosive gains aren't exclusive to Dogecoin. This trend is fueling interest in tokens like Wall Street Memes and Sonik Coin, both undergoing increasing attention in their respective ICOs.

Could Wall Street Memes Token Generate the Next Generation of Crypto Millionaires? $25 Million Raised in Presale

As some investors lose confidence in Dogecoin, the Wall Street Memes token emerges as a potential alternative. A whale invested $840K in Wall Street Memes tokens, contributing to a cumulative investment surpassing $1 million. Thanks to substantial financial backing, the $WSM token collected over $26 million in its ICO within a little over 3 months. 

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Prominent crypto trader Michael Wrubel predicts that $WSM will be the next major meme coin to generate wealth.

$WSM garners significant community support due to its strong connection with the legendary Wall Street Bets community that triggered the GameStop bull run in 2021. Now, $WSM aims to bring the same revolutionary spirit to the meme coin market, targeting a coveted $1 billion market cap.

To achieve this goal, the token's developer team adopts a community-first approach, offering the entire token supply to the public without retaining any for themselves. The presale alone offers 50% of the tokens, with an additional 30% reserved for community rewards. Its stake-to-earn feature can provide investors with up to 96% APY. Wall Street Memes is set to launch on several Tier-1 exchanges in slightly over a month.

Sonik Coin Nears $500K in Remarkable Presale – Could It 10x Post-Launch?

Another meme token creating significant buzz in its presale is the newly introduced Sonik Coin. $SONIK has already amassed over $450K in a little over a week and is inching towards the $500K milestone. 

Following the explosive 8000% rally of the eccentric HarryPotterObamaSonic10Inu token, investors are seeking the next Sonic-based meme coin that could replicate such remarkable growth.

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$SONIK aims to meet this demand, aspiring to become the quickest meme coin to achieve a $100 million market capitalization.

Yet, Sonik Coin is not an ordinary meme token; its on-chain staking mechanism offers a great opportunity for traders to generate passive income. This feature encourages longer token holding periods, promoting price stability, network security, and offering investors up to 146% APY.

The project makes 50% of the tokens available in the presale, allowing investors to buy $SONIK at the affordable price of $0.000014. Another 10% of the token supply will provide liquidity on decentralized exchanges, ensuring seamless trading. With its strong ties to the Sonic franchise, notable traders like Crypto Boy label $SONIK as the next 10x meme token.

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