According to a report from Yahoo Money, Rhode Island realtor Kyle Seyboth experienced a crazy Dogecoin transaction that he would probably remember for a long time.
It is really surprising how any business dealing in cryptocurrency can experience rapid changes. Kyle Seyboth set a deal of around 160,000 $DOGE worth nearly $50,000 for a plot of land. The price of $DOGE at that time was hovering near $0.31. Now, as the contracts were being worked on, the price of DOGE suddenly skyrocketed to absurd levels. The same number of coins reached around $116,000 in value, and the price of each DOGE coin went to $0.72. The client, which was dealing on the plot of land, had seen sunshine and rainbows like never before. Obviously, he now had to pay a smaller number of coins for that plot of land.
Then $DOGE saw another massive change in price. Billionaire entrepreneur Elon Musk mentioned in a popular Saturday Night show that $DOGE is “a hustle”. All that sunshine and rainbows faded away as $DOGE price saw a massive drop in price. This shows the power of Elon Musk over $DOGE as his words are the one’s controlling the price of the meme coin.
Kyle Seyboth told Yahoo Money that the risk was definitely going to show its presence and that the investor could possibly have to stand in a position where he would have to absorb the lumps. But because he was an experienced investor and knew about how to quickly respond to situations, Kyle said that in his opinion, he intended to secure the contract, waiting for the price of the $DOGE to inflate and potentially receive additional money.
During the signing of the papers, the coins were standing at the worth of $63,520, with every coin costing nearly $0.40. The buyer had also revealed that he had planned to construct a house on that plot and then sell it again all together. Kyle said that the real estate market is not in good condition right now, so all types of solutions are acceptable. Kyle said that the supply of crypto is very limited, and investors are also struggling with the supply for their sales.
Cryptocurrencies have definitely had an effect on the Real Estate industry, and it looks like they are going nowhere. Volatility is a problem, but it should be expected anyways. There are still going to a lot of ups and downs in the market for a long time, so anyone dealing in crypto should be prepared to gulp in the changes.