Dogecoin 'Millionaire' Labels Ongoing Crypto Meltdown A 'Final Shakeout,' But Here's What These Analysts Think About DOGE's Potential

Glauber Contessoto, popularly known as SlumDOGE Millionaire, posted a series of optimistic takes on the cryptocurrency market on Monday, in stark contrast to the ongoing meltdown.

What happened: Contessoto took to X, saying, "The moment of truth, the final shakeout."

The moment of truth, the final shakeout

— SlumDOGE Millionaire (@ProTheDoge) March 9, 2025

In another post, the legendary investor stated, "It's crazy how the bull run hasn't even started."

Given the current state of affairs, the optimism seemed a bit overstated. The total market value of all cryptocurrencies shrank nearly 4% in the last 24 hours, with total liquidations surging 53% to a whopping $954 million.

In fact, Dogecoin DOGE/USD, the cryptocurrency that catapulted Contessoto to overnight fame, tumbled 38% over the month.

Contessoto didn't immediately return Benzinga's request for comment on their bullish predictions.

Notably, Contessoto gained fame for his early belief in Dogecoin DOGE/USD, claiming that he went from being a struggling music producer to a millionaire in 69 days.

See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate

Why It Matters: Interestingly, influential cryptocurrency analyst, Ali Martinez, felt that Dogecoin's negative sentiment could pave the way for a rebound.

"Historically, extreme fear has set the stage for major reversals. This could be a prime opportunity to be a contrarian," Martinez emphasized.

Investor sentiment around #Dogecoin $DOGE is at its most negative in over a year. Historically, extreme fear has set the stage for major reversals. This could be a prime opportunity to be a contrarian! pic.twitter.com/Dd0XBTDYoK

— Ali (@ali_charts) March 10, 2025

Trader Tardigrade, another well-known chartist and trader, flagged $0.143 and $0.128 as potential reversal levels for Dogecoin.

#Dogecoin's daily candle is about to close below the last support level at $0.175 🩸
Next $Doge potential reversal levels are at $0.143 and $0.128 💪 https://t.co/a5XVVxeIBD pic.twitter.com/i1Fko2iiIG

— Trader Tardigrade (@TATrader_Alan) March 10, 2025

Moreover, about 78% of Binance traders were positioned long on Dogecoin as of this writing, according to Coinglass, indicating the possibility of a bullish shift.

Price Action: At the time of writing, Dogecoin was exchanging hands at $$0.1584, plunging 8.64% in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

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