Glauber Contessoto, who became a “dogecoin millionaire” on April 15, has managed to bring rather than promote — despite the coin’s ups and downs, he tells CNBC Make It. And he now claims to be a millionaire twice over. Contessoto said he spent more than $180,000 in dogecoin on February 5, when it was worth around 4.5 cents, and it hasn’t appeared since. “I had already predicted that [dogecoin] would fall,” Contessoto, 33, said, “and sure enough, it happened.” Certainly, after hitting an all-time high of about 73 cents on Saturday in anticipation of Elon Musk’s presence on NBC’s “Saturday Night Live,” dogecoin then dropped below 50 cents after the Tesla CEO referred to the cryptocurrency on TV as a “hustle.”
Contessoto compared what happened around SNL to what happened on April 20, the community-proclaimed “Dog Day.” “Everyone was hyping it up for a week leading up to that, shares were rising, and then it crashed,” he observes. “The sample is identical.” Dogecoin fell below 40 cents again on Thursday, after Musk revealed that Tesla would no longer allow bitcoin as payment for its vehicles due to environmental concerns. However, the worth started to rise again on Thursday evening after Musk tweeted that he is “working with doge developers to improve machine transaction effectivity.” ”Without a doubt, promising.” Musk recently held a Twitter poll to determine if Tesla should settle for dogecoin.
This uncertainty is one of the reasons why experts are suspicious of dogecoin, even more than other cryptocurrencies, claiming it is highly speculative and a so-called meme commerce dependent primarily on social media buzz. They alert merchants that they might be burnt. Contessoto, on the other hand, is unaffected by the confusion and is a long-term supporter of the meme-inspired cryptocurrency. In fact, he has since spent extra money looking for the dip — for example, on Sunday, he invested an additional $14,000 while dogecoin was trading at about 47 cents.
Contessoto claims that he used money he made by selling other cryptocurrencies he bought, as well as money left over after paying bills from his day job paycheck. Contessoto’s dogecoin steadiness was over $2.03 million as of about 7 p.m. EST on Thursday. A screenshot of Glauber Contessoto’s dogecoin assets on the cryptocurrency trading app Robinhood. Glauber Contessoto provided the picture. Contessoto is certain that dogecoin will continue to be a popular cryptocurrency, despite the fact that it started as a joke in 2013 based primarily on the “Doge” meme of a shiba inu canine. Along with his current fascination with memes, Contessoto is also influenced by Musk. If Musk allows Tesla to simply embrace dogecoin, as some believe his most recent tweet suggests, “that would be the biggest trigger ever,” he says. “That might literally turn everything on its head.”
Contessoto says he’ll sell 10% of his dogecoin shares after they reach $10 million in value, but will keep the rest saved. “I am the start of a brand new investor,” he says. “I’m doing this for everyone who wants to change the way the banking system and fiat currency work. I really believe I serve the little boy”. Nonetheless, bitcoin is a dangerous gamble, according to experts, since the price is extremely unpredictable. Consultants advise traders to act with caution when purchasing dogecoin, deeming its rally to be extremely speculative, and recommend that people only spend capital that they can afford to risk. According to CoinMarketCap, Dogecoin is currently trading at about 49 cents, with a market capitalization of $63 billion.
