Glauber Contessoto, a 33-year-old DOGE investor and YouTuber who used to portray himself as a “Dogecoin billionaire” on the internet and in the media, has ceased doing so because of the value of his DOGE holdings no longer makes him a millionaire.
Contessoto is still buying Dogecoin drops and considers DOGE to be his current savings account.
Investing in DOGE and making millions, only to lose them all when the market plummeted
Glauber Contessoto’s crypto holdings in this meme currency hit over $2 million in value when Elon Musk’s favored coin reached a historic high of $0.74 in May.
However, the DOGE price began to fall after that, and it is currently trading at $0.1869, according to CoinMarketCap statistics.
Contessoto pulled in almost $250,000 worth of Dogecoin in February. He lost $170,000 in a single day when the coin began to fall from its all-time high in May.
He abandoned his day job and began promoting himself as a “Dogecoin millionaire” on social media. He began earning money by selling items on his website and getting paid in Doge for promoting other crypto ventures.
“I can’t pass up a good bargain”
The former DOGE millionaire continues to purchase dips and uses Dogecoin as a savings account.
He paid $5,300 for DOGE last week when it was only $0.17. His Dogecoin cache was valued barely more than $700,000 on Tuesday, down from almost $2 million just a few days before.
He intends to wait until his DOGE holdings are worth $10 million before cashing out 10% and letting the remainder appreciate in value.