Glauber Contessoto leapt headfirst into Dogecoin when Twitter owner Elon Musk began enthusiastically advocating the meme crypto in 2020. He went all in on DOGE, spent his entire life savings, and maxed out his credit card — investing about $250,000 in all.
Now, Mr. Contessoto is no longer a millionaire as his fortune vanishes fast.
From Riches To Rags?
Glauber Contessoto has refused to sell his holdings despite losing his millionaire status.
The value of his Dogecoin holdings at the token’s peak? Roughly $3 million. But Contessoto, a bearded hip-hop fan who dropped out of college and has no formal financial training — chose not to sell. He anticipated the currency’s price to continue rising, and he didn’t want to miss out on profits by selling too soon.
However, as Dogecoin has slid by over 91% from its all-time high of $0.73 in May 2021, the “Slumdoge Millionaire” has seen his wealth shaved off to a mere $50,000.
I used to have $3 Million in #Dogecoin
Now it’s $50,000
What happened?
— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023
Contessoto’s Unwavering Optimism For DOGE
Mr. Contessoto has not lost faith in the joke cryptocurrency despite a huge chunk of his wealth evaporating.
“DOGE will unquestionably turn into the currency on Twitter,” he asserted, adding, “I genuinely hold this conviction.”
Perhaps his optimistic outlook holds some merit. Initially created as a joke in 2013 by a pair of programmers who decided to spoof the crypto craze by developing their digital asset based on a meme about Doge, a talking Shiba Inu puppy, Dogecoin has gained significant traction owing in large part to Elon Musk’s enthusiasm. The Tesla chief’s latest high-profile moment involving DOGE happened around April Fools Day when Twitter’s iconic bird icon was briefly replaced with Dogecoin’s Shiba Inu mascot.
Musk might be integrating DOGE into Twitter after reports emerged earlier this year that the micro-blogging platform was creating a product to enable crypto payments. “Considering Musk’s rebranded platform as ‘X,’ Contessoto implied there’s a sensible connection.
“Crypto markets are cyclical. I went into it understanding this concept, I just miscalculated how low we would actually go,” the former DOGE millionaire continued. Despite noting the drastic decrease in his fortune’s value, Contessoto remains optimistic about the future. “In the upcoming bullish market cycle, Doge will inevitably reach $1,” he confidently predicted. “I’m sure of it.”
He indicated that he would contemplate selling in the future, though not necessarily liquidating his entire stash.