Kevin Lingard said he purchased 230,106 dogecoins in July 2020 in his first investment ever. He's holding his coins, which are now worth over $50,000.
"When gravity decides to act, it acts fast," one analyst said of Dogecoin's fall.
Dogecoin has captured the attention of the crypto world with a remarkable rally that has confounded analysts.
The Dogecoin rally has bemused market analysts, with many predicting buyers will get burned by a sharp drop in the meme cryptocurrency.
Dogecoin has exploded in value over the past week and cocreator Billy Markus believes that it has finally hit the "mainstream."
Elon Musk's favorite meme token hit a new all-time high on Tuesday, bringing it's year-to-date gains above 1,900%.