Glauber Contessoto, who as soon as described himself because the “Doge Millionaire”, has his fortune vanishing quick. Though he’s method forward of his funding, he’s not a Dogecoin millionaire. In a video he posted in mid-Might, Mr Contessoto revealed the worth of his crypto portfolio had fallen almost $1.8 million in a 12 months — however he had nonetheless made $281,000 on his funding. When Dogecoin confronted a rout in Might final 12 months, Mr Contessoto had refused to promote his holdings regardless of dropping his millionaire standing briefly.
On the time, Mr Contessoto had asserted his religion in Dogecoin. And he nonetheless comes throughout as devoted. In keeping with ABC, Mr Contessoto, in a video, mentioned, “It is getting loopy on this crypto market, proper? It is getting sweaty in right here; what I am saying?”
The 34-year-old additionally confirmed his followers that he was doubling down on his investments, though Dogecoin, a digital foreign money based mostly on a picture (meme) of the favored Japanese looking canine Shibu Inu, has misplaced half of its worth because the starting of this 12 months. “I am a long-term holder, you guys know that, know what I am saying, diamond fingers?” he mentioned, “and I will carry on holding it.”
Mr Contessoto, a resident of Los Angeles metropolis within the US, has a “rags-to-riches” story that has drawn many individuals to cryptocurrency. In April final 12 months, he claimed that he had grow to be a Dogecoin millionaire in simply “simply 69 days”.
In keeping with the report, Mr Contessoto mentioned he grew up poor in a household that emigrated to the US from Brazil. He dabbled in varied fields, together with the music enterprise, and the inventory market, to make cash. After which, Mr Contessoto discovered Dogecoin final 12 months.
“So, I figured, okay, that is going to be the following play. Persons are going to start out investing in Dogecoin and it is going to take off,” he mentioned, including that it helped that billionaire tech entrepreneur Elon Musk too was rooting for this coin.