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.
Cryptocurrency has become a popular investment option for many, especially after the remarkable surge in the value of Bitcoin and other cryptocurrencies in recent years. However, with great rewards come great risks, and it’s important to do your due diligence before investing your money. Glauber Contessoto is a prime example of how quickly things can turn around in the cryptocurrency market. While he made headlines as a Dogecoin millionaire, his fortune was short-lived, and he lost most of his gains when the market crashed.
Glauber Contessoto’s story is a cautionary tale for anyone looking to invest in cryptocurrencies. While the market can be incredibly lucrative, it’s also incredibly volatile, and there are no guarantees. It’s essential to be careful, do your research, and make informed decisions. In the case of Dogecoin, its value is highly speculative and driven primarily by hype and speculation. Investing in it should be done with caution, and it’s wise to diversify your investments to mitigate risk.
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).
While Glauber Contessoto’s Dogecoin journey may have ended in disappointment, it’s important to note that not all cryptocurrency investments are doomed to fail. The key is to invest wisely, do your research, and stay informed about the latest developments in the market. It’s also a good idea to consult with a financial advisor before making any significant investment decisions. With careful planning and strategic investments, you may be able to achieve success in the cryptocurrency market, like many others have before you.
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.