Glauber Contessoto, who refused to sell his assets despite momentarily losing his millionaire status during the May market meltdown, says he is still holding every coin he has purchased and has no plans to sell them anytime soon. But why is he delaying, and what are his intentions? Contessoto, also known as the “Doge millionaire,” believes the Dogecoin price will double in the next two months to “around 50 cents.” In April, he claimed to have become a Dogecoin millionaire in “just 69 days.”
Contessoto, a Los Angeles resident, told Benzinga, a financial market media organization, that Dogecoin’s most valuable asset is its branding, and that the cryptocurrency performs precisely what it was designed to do – buy and sell goods. Dogecoin’s low value makes it a less attractive option for storing wealth or hoarding. People readily accept it as a means of exchange and use it to purchase goods and services, whereas popular cryptocurrencies such as Bitcoin and Ether are mostly used as a store of value.
Contessoto, 33, claims he has little understanding of technical analysis and instead concentrates on “market emotion and pop culture changes.”
He claims that the concept that the economy is becoming increasingly reliant on social media trends and influencer marketing has impacted his Dogecoin investment.
Contessoto had urged the Dogecoin community to stick together and not liquidate their assets when the market plummeted in May. He said he put his whole life savings — approximately $1,80,000 (about Rs. 1.32 crores) — into Dogecoin in February when the price was around $0.045 (roughly Rs. 3.66) His original investment had risen to over $2 million by the end of April (roughly Rs. 14.65 crores).
Contessoto said in July that he had purchased $5,300 worth of Dogecoins (roughly Rs 3.94 lakhs).
Contessoto believes Dogecoin would “be every newcomers’ bridge” into cryptocurrencies in the future, according to the Benzinga article. He further stated that at the time of writing this report, he had 4,206,969 DOGE, which was worth more than $987,000 (about Rs. 7.39 crores).
Dogecoin, a meme based on the Shiba Inu dog, has achieved an all-time high of $0.72 on May 8th (roughly Rs. 52.74). At the time of writing, the price of Dogecoin in India was approximately