3 Min Read | May 24, 2021
On April 16, 2021, Glauber Contessoto posted on Reddit.
Hey guys, I just became a dogecoin millionaire.
Dogecoin, a cryptocurrency that started as a meme version of Bitcoin, has turned a man into a millionaire.
Yes, you read that right!
Towards the end of April 2021, various newspapers, articles, and YouTube videos were flashing the news of Glauber Contessoto becoming a Dogecoin millionaire.
The question is, how did it happen?
How much was his initial Dogecoin investment?
Why did he invest in it in the first place?
Was it a calculated move?
Here is the story to answer all these questions.
In February 2021, Dogecoin became a buzzword. Its reputation was boosted through a series of tweets done by popular faces such as Tesla’s Elon Musk, rapper Snoop Dogg and Gene Simmons.
Dogecoin is surging after billionaire Elon Musk and other celebrities appeared to back the cryptocurrency on Twitter. The meme-inspired token rallied 37% in 24 hours to a record high of $0.084945.
Click here to know more about Dogecoin’s price rally and what the future price predictions are!
Like other millennials, Los Angeles resident Glauber Contessoto was witnessing the ongoing fuss over the internet. It intrigued him and he wanted to know more. Therefore, he went on Reddit to read about Dogecoin. The only difference is, unlike others, he did not stop there and decided to act on the fuss.
Despite his friends opposing the rationale to invest in a meme cryptocurrency, he went ahead with his decision. On February 5, when its value was hovering around $0.045 Glauber made his first Dogecoin investment.
Glauber Contessoto worked in a Los Angeles based music company and came from a middle-class family. He did not have a disposable amount to invest in Dogecoin right away. So, to collect the initial investment amount he had to use his savings, max out all the credit cards, borrow some money from Robinhood and sell most of the stocks he had invested in.
Finally, after collecting a sum of $180,000 he invested it and waited!
Now, you can call it a calculated or a rash decision but Contessoto got a reason to celebrate about 69 days after he made the investment. Around the second week of April, with utter shock and happiness, he posted on Reddit that he had become a millionaire!
But you must be wondering, how?
On April 15, something unusual happened. The price of Dogecoin started jumping (surged 400% in a week), and on April 16, its market capitalization reached $49 billion.
As a result, Glauber Contessoto’s initial investment crossed $1 million. Later, his fortune grew to approximately $2 million.
This means, within 2 months, the Dogecoin value increased from $0.045 to $0.45, directly benefiting retail investors like him.
Dogecoin investment has been categorised as highly risky by experts around the world. In fact, many big investors believe it to be a bubble and have their reservations about the whole concept.
So, you must be thinking, why would Glauber Contessoto make such a risky investment and put all his money at stake?
In recent times, a new community of investors has emerged. This group mostly feeds on digital content, buzz or memes.
Investors like Glauber do not follow fundamental analysis principles to make investments in the capital markets. Instead, they invest as per the buzz on the internet, something which is funny or content which is boosted by popular faces around the globe.
There is no theoretical rationale behind making such an investment move!
In one of his YouTube videos, Glauber describes memes as the language of millennials and that it would be cool to have a currency matching to a meme! In his view, Dogecoin has witnessed the best branding as compared to other cryptocurrencies. He thinks millennials will invest in things they identify with and have a fun element to them. These are some of the reasons that made him invest in Dogecoin!
Looking at the recent dips (it dipped below 40% on May 14) taking place with the Dogecoin price and the volatility of cryptocurrencies, if you think Glauber has plans to sell it, then you are mistaken!
I’m bullish as they come in the Dogecoin community. If this exceeded my expectations of Dogecoin, and I only hit it in two months, imagine where it’ll be in a year.
He has revealed his plan to sell only 10% of the total Dogecoin holding he has after the value touched the $10 million market and he will hold the remaining 90%.
All in all, Glauber is sated with the fact that the risk he took paid him well and the wealth he has made will provide financial security to his family in the long run.
After garnering more than a million dollars through the Dogecoin investment, Glauber Contessoto believes that his investment story has given birth to a new class of retail investors who wish to revamp the working of conventional currency and economy.
Having said this, if any of you out there is speculating, ‘should I invest in Dogecoin or not?’, then the simple answer to the query is, move ahead with that money only which you can afford to lose if anything goes south at all!
The risk with Dogecoin is more because unlike Bitcoin it does not have a well-defined ecosystem, therefore if you invest in it make sure to sell at the right time.
Will you follow in Glauber’s footsteps?
Will you invest in Dogecoin?
Let us know in the comments below.
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