Dogecoin millionaire Glauber Contessoto lost over $167,000 in one day but still bought more DOGE during the dips

You still remember the story of a guy named Glauber Contessoto, 33 years old, who became a millionaire by pouring his savings into what was once considered bullshit as Dogecoin, right? At a time when Contessoto almost dominated the headlines of news sites, the cryptocurrency market was flourishing, his total net worth was about $2 million. Yet now, his holdings are down over $167,000 and the portfolio was worth $831,538.88.

dogecoin-millionaire-glauber-contessoto-lost-over-167000-in-one-day-but-still-bought-more-doge-during-the-dips

Glauber Contessoto

Glauber Contessoto refuses to sell despite losing over $167,000 in one day

As AZCoin News reported, Contessoto suddenly became famous worldwide after becoming a millionaire by investing in Dogecoin. From an initial investment of about $250,000, his lifetime savings, Contessoto fulfilled his dream of getting rich when Dogecoin rose in value.

However, after the spike, the Dogecoin price continuously fluctuated, even plummeted. Notably, in the past few days, the entire cryptocurrency market has been in the red, after receiving a series of bad news from the Chinese government’s crackdown on cryptocurrencies. A series of cryptocurrencies such as BTC, ETH, BNB, or DOGE immediately saw a sell-off as investors panicked.

As a result, Contessoto’s portfolio, which consisted solely of Dogecoin, fell dramatically. Accordingly, his holdings fell by more than $167,000 in just one day, leaving his portfolio to just $831,538.88. This also means Contessoto is no longer a Dogecoin millionaire.

Even so, Glauber Contessoto still maintains a positive attitude towards DOGE.

“Up until yesterday, I had been a millionaire. If Bitcoin and ethereum weren’t also hit, I’d be worried,” said Contessoto, added:

“When I went into this Dogecoin investment, I planned on being in it for at least a year. I put in my life savings because I knew I would eventually become a millionaire.”

Although at present, he is no longer a “Dogecoin millionaire”. But Contessoto remains optimistic about the future of cryptocurrency. He even buys more Dogecoin every time the coin drops in price. Even when Dogecoin plunged below $0.2, Contessoto still refused to sell.

At the moment, Contessoto’s plans have changed a bit. He decided to keep Dogecoin longer than a year. “Whatever happens in the short-term doesn’t matter to me because I’m looking to hold Dogecoin for years to come. I’m truly not worried at the end of the day”, he said.

Even so, Contessoto remains with his original goal: He will sell 10% of his Dogecoins when his portfolio reaches $10 million, while the rest will remain as an Investments.

Perhaps as Glauber Contessoto said, volatility has always been a feature of cryptocurrencies. And if you can’t stand those fluctuations, then you probably shouldn’t invest in this market.

However, this volatility is part of the reason why experts warn that cryptocurrencies are a risky, speculative investment. Some experts also warn users to be especially cautious when investing in Dogecoin, due to the lack of scarcity and constant updates on core technology like Bitcoin.

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

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