U.Today - In the volatile world of cryptocurrency, knowing when to buy is crucial. Glauber Contessoto, better known as the "Dogecoin Millionaire", recently his strategy for investing in the meme-based cryptocurrency Pepe (PEPE). The internet personality is advising potential investors to wait until the cryptocurrency is 80%-90% down from its all-time high of $0.00000431 before purchasing.
Contessoto, who made headlines in such major media outlets for becoming a millionaire by investing his life savings in Dogecoin, is famous for his bold cryptocurrency strategies. His success story, which went viral in early 2021, has turned him into a prominent influencer in the crypto space.
He earned his "Dogecoin Millionaire" moniker after Dogecoin experienced a massive rally. However, the leading meme coin has since plummeted. According to CoinGecko data, it is now down 90% down from its record high.
Pepe, which is based on the internet meme Pepe the Frog, has seen a rapid surge in popularity in recent weeks. It became the fastest token to reach a $1 billion market cap, peaking at over $1.6 billion. However, following the trend of extreme volatility common to meme-based cryptocurrencies, the whimsical token is currently down 61% from its record high.
Despite the current market downturn, Contessoto's advice suggests a belief in the potential for PEPE to rebound. His strategy underlines a common tactic employed by cryptocurrency investors — buy the dip.
As always, it's important to note that investing in cryptocurrency carries significant risk due to its highly speculative and volatile nature. As such, potential investors should always conduct thorough research and consider their financial situation carefully before diving into the crypto market.