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Markets are notable for their unpredictability, making it nearly impossible to time market highs and lows or consistently pull a profit. Many traders miss out on significant market moves by selling at inopportune times. Benzinga reports on a prime example involving a Dogecoin (DOGE) investor. One of the largest DOGE wallets over the past decade sold its tokens in late 2023, just before one of the largest DOGE price surges in recent years.
The wallet began acquiring DOGE in late 2013, 21 days after the token's launch. An initial investment of $146.87 netted over 274,000 DOGE tokens. Throughout 2014, the wallet continued to acquire tokens with investments ranging from a few cents to a few hundred dollars, totaling around $5,000 by the end of 2014. The final investment of $195.61 was made in early 2015, after which the wallet remained inactive until 2023.
During the hiatus from 2015 to 2023, DOGE's price skyrocketed, particularly in 2021 when social media buzz and attention from Tesla Inc. CEO Elon Musk propelled the token from less than 1/100 of a cent to nearly 75 cents. At its peak, the $5,000 investment was worth over $4 million, but the wallet owner did not sell.
DOGE's price plummeted throughout 2022 and 2023, losing over 90% of its value due to the overall crypto bear market, which saw most tokens lose more than 50% of their value. Just as DOGE began to recover, the wallet's owner sold all the tokens on October 28, 2023, through three transactions, generating proceeds of approximately $370,000 for 5.39 million DOGE.
Shortly after the sale, DOGE and other meme coins surged. DOGE is up more than 60% year to date and over 120% since the sale. At its peak in 2024, DOGE reached 23 cents, over 235% higher than the 6.8 cents average price the tokens were sold for. If the wallet had held the tokens until now, it would have seen an additional $450,000 in gains. Selling at the 2024 peak would have resulted in nearly $900,000 in total gains, with proceeds of $1.25 million.
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