Dogecoin has already made a fortune for some crypto traders & many hope it could continue to do so soon

By Selena 03/10/23 4:53 PM

Dogecoin (DOGE), a cryptocurrency based on the dog meme, is part of the bearish trend that has caused the cryptocurrency market capitalization to fall below the psychological $1 trillion mark. However, the dog meme cryptocurrency has already made a fortune for some crypto traders and investors, and many believe it will do so in the future.

It became evident that Dogecoin had a bright future when it reached its all-time high (ATH) of $0.5697 in May 2021, thanks to Tesla CEO Elon Musk tweeting about it at the time (and ever since), making some of its devoted “hodlers” wealthy. As a result, more cryptocurrency enthusiasts jumped on the bandwagon.

There were almost 1,000 billionaires who became wealthy with DOGE as the price of Dogecoin soared once more in November 2022. Nevertheless, as of the most current data gathered from the cryptocurrency data tracking website BitInfoCharts.com on March 10, 2023, this figure has decreased significantly, falling to roughly 600 addresses holding a balance of $1 million or more worth of DOGE.

DOGE-made millionaires | Source: BitInfoCharts

Now, Dogecoin is trading at $0.0648, down 10.64% today, 19.79% last week, and 30.37% over the previous 30 days. This collapse has reversed all profits earned since the year’s beginning and threatens to wipe out more DOGE-made billionaires.

DOGE/USD 4-hour chart | Source: TradingView

That being said, despite the current slump in the cryptocurrency market and the diminishing number of millionaires created by DOGE, this digital asset has a track record of making its investors wealthy in the past, demonstrating its ability to do the same in the future.

It ultimately comes down to meticulous investing tactics, including monitoring market circumstances, determining how much one is ready or able to invest in a particular cryptocurrency, and determining how much it was worth when sold.

Join us on Telegram