Dogecoin Price Prediction: Doge Millionaire Sees Massive Surge That Could Double Meme Coin's Value

Glauber Contessoto is predicting a massive surge of Dogecoin prices, as he continues to refuse to sell his holdings despite the May crash that cost him his millionaire status.

Dogecoin Price Prediction: Double Its Worth in 2 Months!

Why? The famed "Doge millionaire" said he sees the meme cryptocurrency's value doubling in the next two months to "around 50 cents."

Contessoto claimed last April that because of Dogecoin, he became a millionaire in "just 69 days."

The Los Angeles, California resident said in an interview with Benzinga that the meme token's best asset is its branding, stressing that the coin is fulfilling its actual purpose: buying and selling things, making it not an option to store value. According to him, people accept and use Doge as a medium of exchange, spending it on goods and services. Meanwhile, other crypto assets like Bitcoin and Ethereum are used primarily as a store of value.

While Contessoto said that he isn't an expert of technical cryptocurrency analysis, he looks at "market sentiment and pop culture shifts." His Dogecoin investments is largely inspired by the thought that the U.S. economy is nowadays more dependent on the trends in social media and influencer marketing.

During the May crash, primarily due to the Chinese crackdown on cryptocurrencies, Contessoto called on the Dogecoin community to unite and not sell their holdings. He emphasized that he invested his life savings of about $180,000 in Dogecoin when its value was about $0.045 in February. By April's end. Contessoto's initial investment skyrocketed to almost $2 million.

Contessoto noted that he purchased more Dogecoins worth $5,300.

Dogecoin, 'Newcomer's Bridge to Cryptocurrencies'

In the Benzinga report, Contessoto said Dogecoin will "be every newcomers' bridge into cryptocurrency in the coming years," while pointing out that the meme coin "took off sooner than" he expected.

He said he held 4,206,969 DOGE, which is worth $987,000.

Meanwhile, more companies and merchants are starting to accept Dogecoin as payment. Dallas Mavericks owner Mark Cuban began accepting Doge as payment for his NBA team's merchandise and game tickets earlier this year.

AMC Entertainment Now Accepts Dogecoin

The most recent Doge supporter for payments is the movie exhibition company AMC Entertainment, which owns a chain of movie theaters across the U.S., the Times of India reported. The company announced on Wednesday that it is accepting online payments in Dogecoin to purchase AMC theater digital gift cards.

CEO Adam Aron tweeted that Dogecoin has joined other cryptocurrencies the company is supporting to buy the digital gift cards up to $200 per day via the BitPay wallet.

These payments will be accepted on the company's websites, mobile apps and in AMC theaters. In purchasing the gift card, users need to install the BitPay browser extension in order to use the BitPay wallet. Aron added that the company is looking at more ways to use Dogecoin and other cryptocurrencies for AMC payments towards the end of 2021.