He could be a dogecoin millionaire. All he had to do is sell
Who is Glauber Contessoto?
Glauber Contessoto invested all his assets in Dogecoin (meme inspired cryptocurrency), an incredibly volatile cryptocurrency, which had nothing but a joke in its original design. This made him a millionaire in May and even earned him a profile in the New York Times. And then dogecoin dropped in money.
Life savings or borrowing money?
As the New York Times magazine reports, Glauber Contessoto, 33 years old, made his initial investment in the blockchain technology in February 2020. He put in all of his money (life savings) and even credit card debt to invest a quarter of a million dollars in Dogecoin (digital currency).
By May 2021, Glauber Contessoto assets had grown to 2 million dollar. In April, he proclaimed himself “the first DOGE millionaire of this year”.
Even though the joke coin grew rapidly in its price, which exceeded 12,000% in five months from the beginning of 2021, the trader has not recouped the digital currency. Later the price of DOGE fallen sharply, just like the rest of the crypto market. Today its price was 0.19 USD, down almost a third from last week.
Glauber Contessoto shared on his social media that his total money put exceeded $700000. The original post made much noise on the internet and received various responses, many of them mocking Glauber Contessoto. Trader, who works at a hip-hop media firm in LA, replied that he would continue to hold the coin (HODL).
Story of joke coin
Dogecoin was developed far back in 2013 to mock BTC. It was incredibly popular, and everyone seemed to be obsessed with Bitcoin Mining, so the joke played well (as with the Shiba Inu). The creators of coin intended to make a totally-for-fun cryptocurrency with no actual value whatsoever and even designed it inspired by a popular internet meme – the doge. But they quickly moved on, and the DOGE currently is the top-7 in value with a market capitalization exceeding the incredible amount of $25 billion in real money.
The rapid rise in hype and price of the coin has made the likes of Glauber Contessoto rich. Dogecoin’s immense growth back in 2020 is due, in part, to Tesla CEO Elon Musk, one of the richest, popular, and quoted people in the world (and also the promoter of Shiba Inu) from younger generation of entrepreneurs, declaring it his favorite cryptocurrency and making an influence on wicked swings in its price with his tweets.
One of the cryptocurrency’s developers, Ross Nicoll, shared last month that the R&D team has set a course to turn it into a serious project, with an intention to eventually compete with Bitcoin as a fast, cheap, and environment-friendly payment method. Nicoll reported their recent progress to his followers on social media, to which Elon Musk, Tesla’s CEO, replied with approval.
In the meantime, however, the entire cryptocurrency market is struggling, despite the innovations in technology, such as cloud mining and DeFi protocols. Bitcoin, the most well-known flagship coin, fell below the bar of $30k real money today, the second time ever after January 2021. Other cryptocurrencies, which price trend mimics Bitcoin’s trend almost every time, did crash as well. Some pundits have gone so far as to say that it’s a bear market up ahead.
But for thrill-seeking traders like Glauber Contessoto, it’s all part of the fun. He still believes in DOGE, according to his Twitter, and still keep it in savings account.