Glauber Contessoto bought Dogecoin at the right time. Inspired by tech billionaire Elon Musk’s endorsement of the dog-themed memecoin, the 37-year-old spent all his savings and maxed out his credit cards to purchase $250,000 worth of it in February 2021. His Family and friends feared he was making a big mistake, but, just two months later, he became a millionaire.
As Dogecoin took off in mid-2021, Contessoto’s holdings ballooned to $3 million, and he parlayed his good fortune into a major internet network under the pseudonym “Millionaire SlumDOGE.”
The good times didn’t last, however, as Dogecoin dropped from $0.53 to $0.06, leading Conessoto to lose both its millions and its celebrity status. But he didn’t sell. He remained confident that Dogecoin and its social media accounts would return to the spotlight – and he was right.
Amid the current crypto boom, Dogecoin is booming again and Contessoto’s fortune has returned to over $2 million. While he plans to sell some of it this time, he remains confident in the future of Dogecoin.
“Dogecoin, for me, has always been a game of belief… Once I dove into cryptocurrency, bitcoin, blockchain technology and ultimately Doge, I was like, wow, this is a technology which is not only here to stay, it will thrive in the future,” said Contessoto Fortune.
When Fortune Seeking to verify the size of Contessoto’s investments, he declined to share his wallet address, saying he didn’t want people to know exactly how much Dogecoin he owned, but that it was over 5 million. He also provided this screenshot.
Courtesy of Glauber Contessoto
After three lackluster years, Dogecoin has seen over 200% growth in the past month, boosted by President-elect Donald Trump’s and Musk’s pro-crypto platform. appointment to lead the new Department of Government Effectiveness, or DOGE, a nod to the billionaire’s favorite cryptography.
Become the SlumDOGE millionaire
When Contessoto splurged on Dogecoin, he was looking for ways to change his life. By searching on Google “How to become a millionaire?” » he discovered that most successful people have multiple sources of income and decided to start investing.
Intrigued by the crypto’s explosive price action and Musk’s fascination with Dogecoin, Contessoto risked it all on the Shiba Inu-themed memecoin.
“Not only is this Dogecoin thing catchy, trendy, and I can see it gaining traction with millennials… but now we also have the richest man in the world who is also a big fan of it,” he said. he declared.
Contessoto saw something in Dogecoin that most other cryptocurrencies lacked: a familiar face. Popularized in 2013, the doge meme – a sassy orange Shiba Inu giving a side eye – is among the most ubiquitous internet memes, recognizable by almost any Gen Zer or millennial.
He started posting YouTube videos, documenting how long it would take him to become a millionaire. As his portfolio grew, he gained hundreds of thousands of followers on YouTube and Twitter.
The future of Dogecoin
When his wealth suddenly evaporated, many of his supporters turned against him. Some were upset that they had lost money investing in Dogecoin on his advice, and others mocked him for continuing to hold.
“Part of the reason I didn’t sell was because I thought, in a weird way, that it would have been hypocritical of me to tell everyone that Dogecoin is the future… and then turn around and sell to everyone after telling them to buy. that,” he said.
The other reason he held on was because he truly believed Dogecoin would rally again.
Contessoto acknowledges that Dogecoin’s appeal lies in its branding, connecting internet memes and pop culture to blockchain technology in a way that no other coin can.
While Dogecoin may never be a store of value in the same way that Bitcoin is, Contessoto sees it as a gateway to the complex world of crypto for new investors who are unfamiliar with the technology and its use cases.
“It’s like you go to a party where you don’t know anyone, and then you recognize someone from your class,” Contessoto said. “You feel comfortable. It’s like, oh, I can support that. I completely understand that.
Now that Dogecoin is linked to Musk’s efforts to reduce government spendingthe piece will be brought up with every mention of the tech billionaire and the Department of Government Effectiveness. It has secured a lasting place in our culture that Contessoto believes will continue to drive crypto adoption more broadly.
“It’s one of those things like, I’m betting on the relevance of that. I’m betting on how big and big it will become as a cultural icon,” Contessoto said.