Dogecoin Investor Lost Out on More Than One Million Dollar Fortune

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One Dogecoin investor is probably kicking himself after selling his DOGE wallet before the volatile cryptocurrency rebounded and missing out on potentially millions of dollars in gains, according to financial news and conference company Benzinga.

What is Dogecoin?

Dogecoin is a decentralized, peer-to-peer cryptocurrency that started as a joke in December 2013.

Created by software engineers Billy Markus and Jackson Palmer, Dogecoin was initially introduced to satirize the proliferation of dubious crypto coins at the time. Its mascot, a Shiba Inu dog from the “Doge” meme, quickly helped it gain a vibrant community and widespread attention.

Dogecoin cyrptocurrency Dogecoin cyrptocurrency Yuriko Nakao/Getty Images Entertainment/Sky UK/Peacock

Dogecoin operates on its own blockchain and unlike Bitcoin, which is often seen as a store of value, it was designed to be a more accessible and friendly cryptocurrency.

In 2014, the Dogecoin community raised $30,000 to send the Jamaican bobsleigh team to the Sochi Winter Olympics and sponsored a NASCAR driver to the tune of $55,000.

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Dogecoin’s volatility is largely attributed to its origins and market behavior. As a meme coin, its value can skyrocket from social media influence and celebrity endorsements, notably from figures like Elon Musk. However, this also means its market price can be highly unpredictable, swinging wildly based on public sentiment rather than underlying economic indicators or technological advancements.

What Happened to the Man Who Missed Out On Millions?

The saga began in late 2013, shortly after Dogecoin made its initial debut. The owner of the wallet, seizing the opportunity, started accumulating DOGE tokens just 21 days post-launch. With an initial investment of just under $150, the investor continued to purchase tokens throughout 2013 and 2014, totaling around $5,000. However, after a final purchase in early 2015, the wallet remained inactive until 2023.

During the dramatic rise of Dogecoin in 2021, fueled by a viral social media frenzy and high-profile endorsements, including significant mentions by Elon Musk, the value of the tokens in this investor’s wallet soared to over $4 million.

Despite this, the wallet’s contents were not liquidated at their peak. Instead, the owner held on to the tokens until late 2023. By then, the cryptocurrency market had experienced a significant downturn, and the tokens, once worth millions, were sold for approximately $370,000.

Dogecoin Cyrptocurrency ValueDogecoin Cyrptocurrency ValuePhoto by Smith Collection/Getty Images Entertainment/Sky UK/Peacock

Shortly after the investor liquidated their holdings, the market for Dogecoin experienced a significant surge.

Since the transaction, the meme coin has risen more than 110% since the sale date. At its 2024 peak, the price of Dogecoin reached as high as 23 cents.

Had the wallet’s owner retained their holdings until the recent peak in 2024, they would have witnessed an additional $450,000 in gains, Benzinga reported.

If the tokens were sold at this peak market value, the total profit could have nearly reached $900,000, bringing the potential sale proceeds to approximately $1.25 million, the website reported.

Uncommon KnowledgeNewsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

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