Last February of 2021, Glauber Contessoto, 33 years old and a crypto trader, invested all of his money in Dogecoin. It was a meme-fueled cryptocurrency that rose in value in the first half of 2021.
Contessoto invested over 250,000 in Dogecoin holdings on February 5, and two months later, he later claimed that he became a Dogecoin millionaire. Well, at least on paper. Nevertheless, Dogecoin continued rising and hit a peak of a 300% increase in value in April. After which, it finally began to dip and has continued ever since. Nonetheless, it did start to slowly recover by mid-August.
“Up until yesterday, I have been a millionaire,” said Contessoto, who refused to budge even after losing $167,000 in just one day.
Background
Glauber Contessoto, who became known as the “Dogecoin millionaire” after sharing his trading portfolio on Reddit, was making predictions and was optimistic and even went on to become a millionaire within three months. This was right when the upsurge of Dogecoin was happening. Then when the price went down, Contessoto refused to let go of his holdings despite its depreciation, and remarkably has kept investors’ and his follower’s attention as well,
Though it is still unheard of, this type of unconventional “influence selling” using internet memes seems to be working. At least, maybe to temporarily sway investor’s opinion. For Contessoto, however, he believes that the best is yet to come.
Updates on Dogecoin Holdings and Other Cryptocurrencies
Apart from Contessoto himself being bullish about Dogecoin, he continued to hold on to his stock from 2020 and even bought more of the same when it dipped again. He has slated his investment in Dogecoin up until 2023. He is so confident that it will once again rise in value, saying that the future is bright for crypto with a cute dog meme on it, and he’d be happy to retire with ten million dollars at 35 years old.
Meanwhile, Dogecoin investors received good news when it announced its partnership with Bit Pay Inc and Verifone Inc. This allowed acceptance of Dogecoin in fast-food restaurants and stores. Even AMC Entertainment Holdings have conducted a poll on whether they should accept Dogecoin. And an overwhelming 77% of survey participants answered yes, which is now prompting the company to make plans on how they can make it happen.
This series of favorable events further strengthens Dogecoin’s position in the market with another potential uptake in value.
Update on Other Cryptos
In June of the same year, another crackdown on crypto in China caused major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, to crash anew. Nonetheless, they remain optimistic as the last quarter of the year approaches.
Adding Cardano into His Portfolio
Sometime in late August, the former “Dogecoin Millionaire” Glauber Contessoto announced that he also has plans to go all-in on Cardano. He predicts that it will become one of the top five coins in the market in the next five years. Then in mid-September, ADA was at $3, and Contessoto wanted to buy the stock when it dips. True enough, when the crash hit, Inevitably, Cardano also fell, and Contessoto bought $7,200 worth of stock from Cardano at $2.06.
This could be the reason why people are convinced that Contessoto knows what he is doing because he does exactly what he says. But then again, that is just a conjecture. We still have to find out in the next few months if following Contessoto is worth the investment.
