• Glauber Contessotto, a crypto influencer, says for him to consider buying more Dogecoin, the price would have to fall below $0.06.
• With a current market cap of $8.66 billion at the time of writing, this token is the eighth most valuable globally.

On Twitter, cryptocurrency influencer Glauber Contessoto, well-known for being a billionaire thanks to Dogecoin, shared his opinions on when it is best to buy DOGE in the current market. He mentioned a specific event that would prompt him to buy more well-known cryptocurrencies frequently linked to memes.

In the tweet, he mentioned that for him to consider buying more Dogecoin, the price would have to fall below $0.06. At the moment, Dogecoin is being traded at $0.06199. According to the data provided by Crypto News Flash, over the past week, the value of the popular cryptocurrency associated with a dog meme has decreased by 14.08%. In the last 24 hours, it has increased by 1.68%.

Additionally, when asked by @removeliquidity whether he still holds the coin, he said yes. In 2021, CNBC featured Glauber Contessoto when he made a $250,000 investment in DOGE. As the meme coin soared to its peak value of $0.7376 in May, Contessoto’s holdings in Dogecoin transformed him into a millionaire. 

However, since then, the value of DOGE has plummeted by 91.71%. As a result, Contessoto’s status as a millionaire from Dogecoin may now be accurately described as a thing of the past. Contessoto expanded his investment portfolio following that period by including ADA and FLOKI. 

When the new meme coin PEPE gained sudden popularity after its launch in April, Contessoto took to Twitter and suggested that the most opportune moment to purchase it would be when its price experienced a substantial decline of 80% to 90% from its recent record high.

Is The Dog-Themed Meme Token Still A Leading Cryptocurrency?

Despite suffering a considerable drop in value of almost 91% from its peak price in May 2021, Dogecoin is unquestionably a favorite cryptocurrency among investors. Notably, prominent billionaire businessmen who support this meme-inspired coin, which attracted enormous attention in early 2021, include Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban.

With a current market cap of $8.66 billion at the time of writing, this token is the eighth most valuable globally. Nevertheless, certain investors may have aspirations for an even higher valuation. 

Dogecoin Price Prediction: Will Doge Reach $5?

There are several potential pathways through which Dogecoin could attain such a milestone:

• Witnessing a substantial surge in the acceptance of Dogecoin as a widely recognized payment method.
• Experiencing a significant proliferation of decentralized applications (DApps) built on the Dogecoin blockchain, encompassing both decentralized finance (DeFi) and non-fungible tokens (NFTs)

With the ongoing lawsuits against Coinbase and Binance and several cryptos being mentioned as securities, it will take time before Dogecoin hits the $5 mark. With DOGE currently trading at $0.06, it has experienced a significant decline of 9.33 times from its peak value of $0.56. Considering its growth rate of 1866.6x over 89 months (as previously mentioned), its monthly growth rate amounts to 20.97x. This implies that the following year, DOGE’s market price could reach a theoretical value of $22.64.

However, it is more reasonable to focus on the period from November 2017 to May 2021, when the price of DOGE remained stagnant before experiencing an upswing. During this period, DOGE’s value surged by 1866.6 times for 42 months. Consequently, the monthly growth rate equates to 44.44 times.

Considering the current market price of $0.06, if the projected growth rate continues, the price of DOGE could reach $47.99 within the next year.