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😱💥10-Year-Old Dogecoin Stash Sale, DOGE Owner Made Million Dollar Loss
The #Dogecoin Million-Dollar Fiasco
The wallet’s initial investment in DOGE was a mere $146.87, netting over 274,000 tokens just 21 days after Dogecoin’s launch. Throughout 2014, the wallet owner continued to invest.
By early 2015, the wallet had invested a total of approximately $5,000 in #DOGE amassing a significant amount of the meme crypto. Thereafter, the wallet remained inactive until 2023. During the dormancy period, Dogecoin’s value skyrocketed, particularly in 2021.
At its zenith, the wallet’s investment had swelled to over $4 million. However, the owner chose not to sell at that time. The subsequent crypto bear market of 2022 and 2023 saw DOGE, along with many other cryptocurrencies, lose significant value.
The Dogecoin price dropped more than 90% from its all-time high, reflecting the broader market’s downturn. However, by late 2023, as DOGE started to show signs of recovery. Hence, the wallet owner decided to sell all the Dogecoin tokens on October 28, 2023.
The sale, executed in three transactions, garnered approximately $370,000. These sales equating to 5.39 million DOGE at an average price of $0.068 per token. Ironically, soon after the sale, meme coins, particularly DOGE, experienced a resurgence.
DOGE’s Unprecedented Comeback
Since the sale, the DOGE’s price has surged nearly 120%, with a year-to-date increase of more than 60%. At its peak in 2024, DOGE reached a price of $0.23, a 235% increase from the selling price. If the wallet owner had held onto the tokens, the value would have climbed by an additional $870,000.
Moreover, selling at the peak in 2024 could have resulted in total proceeds of approximately $1.25 million. This would mark a potential gain of nearly $1.20 million from the sale. Despite the substantial return on investment from the initial $5,000, the timing of the sale highlights the difficulty in capturing optimal profits in such a volatile market.
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