Whatever Happened To The Dogecoin Millionaire?
Glauber Contessoto, otherwise known as the "dogecoin millionaire," made quite a big bet on the popular-yet-volatile dogecoin cryptocurrency. The Los Angeles resident reportedly exhausted all of his personal savings on dogecoin, according to Newsweek. In April of 2021, when the value of dogecoin reached an all-time high of $0.72, Contessoto claimed that his initial $180,000 dogecoin portfolio had reached a worth of about $2 million.
However, the "dogecoin millionaire" moniker was a short-lived one, as dogecoin dropped significantly the following month, with Contessoto's portfolio suffering from over $160,000 in losses in a single day at one point (via NBC). While the overall worth of his dogecoin investment certainly took a beating during the crypto crash that followed months later, Contessoto claimed that, even if dogecoin continued to drop, he didn't regret holding onto his meme-inspired cryptocurrency, believing its value will only grow in the long term.
The dogecoin millionaire started small
Contessoto didn't exactly start out as the dogecoin millionaire he's known as today. In fact, he claimed that he actually "grew up really poor" (via CNBC). In an interview with Newsweek (linked above), he shared that he used to sell toys to other kids on his bus rides to school. By the time he was working, he recalled having to ride a bicycle to work every day when his car broke down. However, this all changed when Contessoto first learned about dogecoin on Reddit. After days of research, Contessoto then poured all his savings into it, even resorting to borrowing money through margin investing.
On top of all that, he also went on to liquidate the rest of his owned stock shares as means to go all-out on dogecoin. For Contessoto, the belief in putting his whole life's savings into a cryptocurrency that was born out of an internet meme was more than just diving in headfirst into a nascent trend, as he loved the community surrounding dogecoin, even appreciating the cryptocurrency's meme origins. Of course, what further strengthened his decision was his belief in known dogecoin investor Elon Musk, who he thinks is "a genius."
What is the dogecoin millionaire up to these days?
Despite the dogecoin price today being nowhere near its previous all-time high, the "dogecoin millionaire" still refuses to sell his meme-inspired cryptocurrency. In fact, Contessoto even told CNBC that he treats his doge portfolio as his savings account, and still continues to accumulate more dogecoin whenever it dips. In a tweet, Contessoto celebrated his one-year anniversary since becoming a millionaire — albeit momentarily — and insisted that he's "just getting started."
In addition, Contessoto shared in recent a YouTube video that he's selling his own beard cream lineup called the "Diamond Hand." In the same video, he also revealed he's holding about 3.9 million units of dogecoin worth over $550,000. As for what he's planning to do once he cashes out, he shared he's hoping to start his own record label, with the ultimate goal of ensuring that his mom never has to work again (via Newsweek). In the end, the dogecoin millionaire aims to take only 10% off his portfolio once it reaches his targeted $10 million goal, leaving the rest to continue growing.