Las Vegas resident Glauber Contessoto, famously known as the “Dogecoin DOGE/USD Millionaire,” watched his fortune take a drastic plunge from $3 million to as low as $50,000.
What Happened: Contessoto, who had invested his entire savings and went into credit card debt, had put $250,000 into Dogecoin in 2021, a cryptocurrency originally created as a joke.
The 33-year-old investor made headlines when his Dogecoin holdings reached $2 million, claiming to be the “first Dogecoin millionaire of 2021.”
Unfortunately for Contessoto, Dogecoin’s price experienced a sharp decline, dropping over 90% from its all-time high of $0.73 in May to $0.0637 (at the time of wriitng). This caused the value of his holdings to decrease significantly, leading to a remaining balance of around $50,000.
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Why It Matters: Despite the staggering loss, Contessoto remains optimistic and continues to have faith in Dogecoin.
Contessoto on Wednesday said that dog-themed meme coins still have potential, stating, “I honestly don’t think Dog themed meme coins are done. I feel like they will rise again.” He compared the recent popularity of the frog-themed cryptocurrency Pepe Coin PEPE/USD and acknowledged its run.
Dogecoin, initially created in 2013 as a light-hearted parody of Bitcoin BTC/USD, was designed with the intention of being a whimsical cryptocurrency. Its developers even based its image on a popular internet meme.
Photo from Shutterstock.
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