Glauber Contessoto became a millionaire overnight with an investment in Dogecoin. However, this was no longer the case when the price of DOGE fell causing this 33 year old man to lose $ 167,000 after 1 night. However, he still refused to sell his DOGE number.

Glauber Contessoto, a 33-year-old American cryptocurrency investor, announced that he invested more than $ 250,000 in Dogecoin (DOGE) on February 5, believing he will become a millionaire. And on April 15th it became a reality.

However, since June 21st, large cap cryptocurrencies in the market including Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) … began to decline after news of the crackdown on China.

At this point, Contessoto’s portfolio, which only contains Dogecoin, is severely affected. Specifically, the assets he held as of June 22nd were only $ 831,538.88.

4 months ago Glauber Contessoto started buying Dogecoin for only $ 0.045 / DOGE. On May 8, the DOGE / USD exchange rate hit an all-time high of USD 0.73. At this point, the value of the Dogecoin held by the 33-year-old boy Contessoto has passed the $ 2 million threshold.

After a sudden surge, the price of Dogecoin has seen a lot of large fluctuations. However, Contessoto remains very confident of holding the cryptocurrency for the long term, inspired by a popular “meme” on the network. In fact, he bought even more Dogecoin during the last few discounts. Even now, after losing $ 167,000 overnight, he still refuses to sell them.

This volatility is also one reason why experts warn that investing in cryptocurrencies is a risky, speculative investment. Above all, one should be careful when investing in Dogecoin, as there is a lack of scarcity and developed technologies such as Bitcoin (BTC).

However, Glauber Contessoto is still very optimistic about Dogecoin, although theoretically he is no longer a “Dogecoin millionaire”.

“When I started this Dogecoin investment, I planned to be with it for at least a year. I put my savings here because I knew I would become a millionaire one day. ”- Glauber Contessoto shared.

At the moment he plans to hold the “meme” coin for more than a year.

“Whatever happens in the short term is not important to me as I plan to make Dogecoin ‘HODL’ for many years. At the end of the day, I’m really not worried. “

Contessoto is sticking to its original plan to sell 10% of its total Dogecoin when its portfolio reaches $ 10 million. The rest will continue in the long term.

According to CoinMarketCap, Dogecoin is currently trading at around $ 0.21, 71% less than its all-time high. Its total market cap is also more than $ 27 billion at the time of writing.

Synthetic

You may be interested in: