Remember the marvelously-named Glauber Contessoto? Of course you don’t. But you may recall him by his more famous moniker, the Dogecoin Millionaire.
He put his entire life savings into Dogecoin, and for a while, it seemed like a very lucky choice. As I predicted, Dogecoin peaked at pretty much the MILLISECOND that Elon Musk hosted Saturday Night Live. The reason for the run-up prior to the SNL gig was because the /wsb community figured that Elon would use this national forum to pump the hell out of $DOGE.
At the time, the corpulent chap shown at the top of this post had $2 million in Dogecoin, and he declared that he was going to hang on until it reached $10 million, at which time he would sell $1 million of it. The logic being, I suppose, that no matter WHAT happened to Dogecoin, he could still call himself a “millionaire” (I suppose the capital gains tax didn’t occur to him).
The conceit here, of course, is that Dogecoin would somehow feel obliged to keep marching its way up to $3.75. Well, it didn’t. In fact, as I am typing this, Dogecoin is not worth 375 pennies. Instead, it is worth 8.5 pennies. So I’d call that a “miss.”
Indeed, since the Elon Musk SNL hosting gig, $DOGE has lost about 90% of its value, and as a chartist, my opinion is that it has a long way to go down. A long, long way. Like “it’s almost worthless” way.
I’m sure the guy featured at the top of this post is a nice enough fellow, but he’s also become the unwitting poster boy for the absolutely laughable hubris that young people had during the insanity of 2020, thinking that somehow they were a generation destined to all be rich. In the end, this guy is going to be a Dogecoin Thousandaire, and even that is a kind estimate.