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Glauber Contessoto, popularly known as SlumDOGE Millionaire, advocated buying ‘conviction plays’ like frog-themed Pepe (CRYPTO: PEPE) on Thursday, amid a broader slump in the meme coin market.
What Happened: SlumDOGE Millionaire encouraged his X followers to seize the opportunity presented by the ongoing correction to invest in meme coins “like there’s no tomorrow.”
However, the popular trader was specific about the coins to consider. “And when I say meme coins, I don't mean max extract Dave Portnoy bullshit,” referring to the controversial promotions by the Barstool Sports founder.
He highlighted “conviction plays” like PEPE, Brett (CRYPTO: BRETT), Floki (CRYPTO: FLOKI), and Official Trump (CRYPTO: TRUMP) as the ideal bet in these times.
The trader claimed to have invested extensively in Dogecoin (CRYPTO: DOGE) during its early days and went from being a struggling music producer to a millionaire in 69 days.
See Also: Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says
Why It Matters: SlumDOGE Millionaire’s advocacy comes amid a significant downturn for the meme coin market. Over the last month, the combined capitalization has fallen by 33%.
However, like him, a few other traders have also backed PEPE over celebrity-backed meme coins that have sparked controversy lately.
Moreover, losses sustained by the Ethereum (CRYPTO: ETH)-based token in the last week were considerably less than those by blue-chip coins like Dogecoin (CRYPTO: DOGE and Shiba Inu (CRYPTO: SHIB).
Having said that, PEPE balance held by long-term holders dropped by 0.05% in the last 24 hours, according to IntoTheBlock, suggesting a bearish sentiment.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000009758, up 1.98% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was down 49%.
Photo Courtesy: Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
