Millionaire allocates 99% of his portfolio to Dogecoin, anticipating bullish breakout
- Glauber Contessoto, the Dogecoin millionaire, reveals that he holds DOGE, ADA and FLOKI in his portfolio.
- Proponents debate whether Tesla is testing payments for Dogecoin or a dog-themed cryptocurrency.
- Dogecoin whale movements create a degree of predictability for holders, driving DOGE prices higher every cycle.
Dogecoin price is attempting a recovery from the drop over the weekend. Glauber Contessoto shared his bullish outlook on DOGE with investors on crypto Twitter, revealing his crypto portfolio holdings.
Dogecoin is primed for a comeback, posts 5% gains overnight
Glauber Contessoto, widely popular as "The Dogecoin Millionaire," recently revealed his crypto portfolio holdings. 99% of Contessoto's portfolio is invested in DOGE; he further revealed ADA and FLOKI holdings.
Contessoto is bullish on DOGE, and in a recent interview, he states,
Unit bias plays a huge role; somebody would much rather own a 1000 Dogecoin instead of 0.0000001 in Bitcoin... It's a psychological thing.
Contessoto builds a bullish case for DOGE, arguing its relevance over Bitcoin or any other cryptocurrency.
Dogecoin has posted cyclical gains, and the Shiba-Inu-themed crypto now offers a degree of predictability based on whale movements. Experts believe that DOGE prices climb higher every cycle.
Pseudonymous cryptocurrency analyst and trader @Tree_of_Alpha recently tested payments for SHIBA on Tesla's website. The analyst simulated payments on the website and observed that the exchange rate on the payments page worked out to DOGE price at the time.
The analyst is unsure how long the payment system has been in testing and whether Tesla would accept SHIB or DOGE payments or a fork of Doge with the ticker SBA (based on his findings).
How I found out Tesla was testing payments for a coin called SHIBA (SBA), and how that coin ended up very likely not being $SHIB, but $DOGE instead.
— Tree of Alpha (@Tree_of_Alpha) November 4, 2021
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Interestingly, Dogecoin has ranked in the list of top 10 cryptocurrencies mentioned on Twitter this week. The meme coin also ranks in the most searched coins this week, based on data from Google Trends.
Guy, an analyst at Coin Bureau, commented on the war between Dogecoin and Shiba Inu in a recent video on YouTube,
Both Dogecoin and Shiba Inu are in the process of introducing their respective scaling technologies, so I reckon it's right to say that they are evenly matched.
FXStreet analysts have evaluated the DOGE price trend and predicted that Dogecoin is expected to skyrocket once the meme coin crosses the $0.30 barrier.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
