Glauber Contessoto, also known as SlumDOGE Millionaire on Twitter, said his next bet is going "all in" on Cardano ADA/USD after reaping a Dogecoin DOGE/USD fortune in his 30s.
What Happened: ADA, a cryptocurrency created by the mathematician Charles Hoskinson, is already the third-largest cryptocurrency in terms of market capitalization.
See Also: How To Buy Cardano (ADA)
At press time, each ADA sold for $2.56, the cryptocurrency fell 7.89% over 24 hours. DOGE, the seventh-largest coin by market cap, traded 7.84% lower at $0.27 in the same period.
“I’m going to start buying up as much Cardano as humanely possible with every bit of money I start making from now on,” Contessoto told CNBC.
Even so, Contessoto is in no rush. He admitted that “it’s early on” for ADA. “I’m going to be the biggest Cardano supporter,” said the 33-year old investor.
“I’m just waiting on a massive dip before buying into it.”
Why It Matters: Cardano has been attracting buzz after the project announced its intention to usher in smart contract functionality found in cryptocurrencies like Ethereum ETH/USD on Sept. 12.
The addition of this functionality makes ADA “the next best bet,” as per Contessoto, who did not invest in ETH, as per CNBC.
Contessoto invested his life savings into DOGE even though his friends questioned his sanity. In May, his investments were worth nearly $2 million. DOGE hit an all-time high of $0.74 in early May and has since eroded 62.98% in value.
By July, Contessoto was no longer a millionaire but remained determined to buy dips in the Shiba Inu-themed coin.
Contessoto said he would “double down” on DOGE by investing $25,000 as its price took a dive in July.
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