Dogecoin was what first made 33-year-old Glauber Contessoto a millionaire. Contessoto had first shared his story of how became a millionaire with the meme coin back in April. This had only been two months after Contessoto had first learned about Doge. He ended up putting his entire life savings into the meme coin. And it paid off massively.
The “Dogecoin millionaire” had first started investing in the coin after he saw Elon Musk’s tweets about it. Contessoto is quoted saying, “A reason why I put my savings into Dogecoin is Elon Musk. I think the guy is a genius.”
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Musk then continued to tweet about the coin at regulatory intervals over the next two months. Causing the price of Dogecoin to skyrocket. At the height of Musk’s shilling of Dogecoin, the price of the coin had grown over 21,000%. Posting massive gains in just a couple of months.
Refusing To Sell Dogecoin
Dogecoin has grown so much that by the time May rolled around, the coin price hit over $0.70. By this point, Contessoto’s gains had grown so much that he had become a crypto millionaire. His initial investment of over $250,000 had gotten to be over $1 million.
Doge soon began to lose momentum, as assets are wont to do when they have grown too much in a short period of time. Despite the declining prices with each passing day, Contessoto had refused to sell his coins.
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By June, the price had dropped so much that Contessoto lost his crypto millionaire status. The 33-year-old had still refused to sell at this point. Despite revealing that he had lost over $167,000 in a single day due to declining prices. Contessoto did not seem too worried about this, saying, “If Bitcoin and Ethereum weren’t also [hit], I’d be worried.” As such, Contessoto continues his journey from being a crypto millionaire to losing this status.
Cardano Is A New Favorite
Glauber Contessoto has now turned his attention to another coin, Cardano. According to Contessoto, he believes the top 5 cryptocurrencies in five years will be Dogecoin, Ethereum, Bitcoin, Cardano, and Ripple. In that exact order. Putting Dogecoin as a better candidate for being the number 1 crypto ahead of Bitcoin and Ethereum.
ADA price trading above previous all-time high | Source: ADAUSD on TradingView.com
Contessoto expressed that he planned to wait for a dip in the price of ADA before he bought in. Regardless, he remains bullish on the asset, which he said is still in its early stages.
“I’m going to be the biggest Cardano supporter,” Contessoto said. “I’m just waiting on a massive dip before buying into it.”
Featured image from Trading Education, chart fro TradingView.com