Glauber Contessoto, a well-known Dogecoin (CRYPTO: DOGE) investor, recently gave a nod to an investor strategy that involves heavy allocation to meme coins Pepe (PEPE) and Dogwifhat (WIF).
What Happened: On Monday, Contessoto responded to a plan shared on X, a platform formerly known as Twitter, with a tweet saying, "This is basically my entire plan ".
The plan outlined a strategy of investing in new launches and meme coins like $WIF and $PEPE for quick gains. Contessoto's response suggests a similar approach to his investments.
This is basically my entire plan
— SlumDOGE Millionaire (@ProTheDoge) April 24, 2024
Contessoto, also known as SlumDOGE Millionaire, who gained fame for his early and unwavering belief in Dogecoin has previously emphasized the importance of conviction in cryptocurrency investments. Despite facing ridicule for his early conviction in Dogecoin in 2021, his steadfast belief eventually paid off, turning the tables on his critics.
Among meme coins so far this year, Dogecoin has returned 81.8%, while Pepe is up almost 520%. While gains on have amounted to a spectacular 2112%.
Why It Matters: Contessoto recently announced a $300,000 investment in three meme coins: Dogwifhat, Pepe, and Brett (BRETT), asserting that market dips are the best times to double down on one's convictions.
Contessoto's endorsement of meme coins comes at a time when some traders are expressing optimism about the performance of Dogecoin against Bitcoin (CRYPTO: BTC). Crypto trader Kevin, formerly known as OG_Yomi, noted that Dogecoin is currently consolidating in the golden pocket while sitting above all bull market up trending moving averages, a position that could potentially see it outperform Bitcoin.
Price Action: At the time of writing, DOGE traded 1.85% higher at $0.16, according to data from Benzinga Pro.