[The Dogecoin stack crash 10 years ago cost DOGE investors millions of dollars]
In a dramatic turn of events, a Dogecoin (DOGE) investor who held one of the largest DOGE wallets over the past decade missed out on millions of dollars in potential profits by selling his tokens prematurely. This wallet started accumulating DOGE at the end of 2013 and sold all DOGE at the end of 2023, but missed the opportunity for a significant price increase.
The wallet received over 274,000 DOGE with an initial investment of just $146.87. In 2014, holders continued to make multiple small purchases of DOGE, with a total investment of approximately $5,000. The wallet will be inactive until 2023. Dogecoin's value has surged during this time, especially in 2021, when DOGE went from less than a penny to a peak of nearly $0.74 thanks to a push from social media and Tesla CEO Elon Musk.
At its peak, the wallet's investment was worth over $4 million, but the holder was unable to sell at that time. The ensuing cryptocurrency bear market saw DOGE’s value plummet. At the end of 2023, when DOGE began to show signs of recovery, holders chose to sell all of their DOGE on October 28, receiving a total of approximately $370,000 at an average price of $0.068 per token.
Post-sale, DOGE price is up nearly 120%, growing more than 60% year-to-date, reaching a peak of $0.23 in 2024. If the holder sold during the peak period, an additional $870,000 would be added to its value, bringing the total gain to a possible $1.25 million. While the initial investment generated a solid return, the timing of the sale shows how difficult it is to make optimal profits in volatile markets.
