Dogecoin Investor Glauber Contessoto regains his Millionaire status as DOGE price jumps 27%
After the DOGE price surged more than 25% on the day, 33-year-old investor Glauber Contessoto, a Dogecoin millionaire for investing all of his savings in this meme coin, took to Twitter to happily announce that he has regained his “Dogecoin millionaire” status.
Glauber Contessoto posted a screenshot of his seven-figure Dogecoin fortune
Contessoto rose to fame after going public with his crypto assets to the world in May. In February, Contessoto made a surprisingly bold decision to invest his entire life savings in Dogecoin after reading about the Bitcoin parody on Reddit. He had to borrow money to put a total of $250,000 into the coin meme.
The bold bet turned out to be extremely timely. This guy from Los Angeles became a millionaire in a few months, with Dogecoin having its GameStop moment because of massive retail interest partially driven by Tesla CEO Elon Musk’s Twitter handle.
On May 5, Dogecoin’s market cap reached its current peak of $90 billion. At that time, it was more valuable than Chinese tech giant Xiaomi. Dogecoin’s stellar rise came to a grinding halt on May 8. As expected, Musk’s “SNL” debut—during which he simultaneously described Dogecoin as a “hustle” and “the future of currency”—was the perfect “sell the news” event that marked the top of the meme cryptocurrency’s seemingly unstoppable rally.
Then, as AZCoin News mentioned, Contessoto lost his Dogecoin millionaire status after the cryptocurrency crashed 72% in less than two weeks in May. However, the adventurous trader was undeterred by the accident. In fact, he said he decided to buy more and described the plunge as a “bargain”:
“I can’t pass up a good bargain.”
On August 8, Dogecoin hit $0.28, the highest level since June 25. It is now up 79.5% from the local bottom reached on July 20.
And now, Contessoto has taken to Twitter to gleefully declare that he has regained his “Dogecoin millionaire” status.
— SlumDOGE Millionaire (@ProTheDoge) August 7, 2021
However, even though Contessoto’s fortune has recovered to seven figures, it’s still too early to talk about the return of the crypto meme. Dogecoin is still down a staggering 64% from its all-time high of $0.73.
DOGE/USD 4-hour chart | Source: TradingView
Meanwhile, Elon Musk hasn’t tweeted about the crypto meme for weeks. This can be good news because it shows that DOGE’s current momentum is not coming from Musk and friends.
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