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In February 2021, then-32-year-old Glauber Contessoto decided to invest his life savings – about $250,000 in Dogecoin. As his investment grew to over $3,000,000 he became known as the “Dogecoin Millionaire,” but he was hesitant to sell, waiting for DOGE to hit the magical $1 price tag.
After the Dogecoin price crashed in 2021 and 2022, Contessoto continued holding onto his DOGE as the meme coin plummeted all the way from its all-time high of $0.74 in May 2021 to $0.074 in March 2023.
In this article, we are going to take a look at one of the most prominent Dogecoin millionaires, examine who are the wealthiest Dogecoin holders right now, and find out whether Contessoto is one of them.
The story of “Dogecoin Millionaire”: From rags to riches
Glauber Contessoto, better known as “Dogecoin Millionaire”. Image source: Newsweek (courtesy of Glauber Contessoto)
In February 2021, Dogecoin was trading at about $0.045. After reading about the meme cryptocurrency on Reddit in early 2020, Contessoto decided its time to go all in. He maxed out his credit cards and invested his life savings – reportedly $250,000– into Dogecoin.
While his friends and family wondered whether he lost his mind, Contessoto was off to a great start. Just two months after the initial investment, he was sitting on more than a million dollars. “I believe I’m the first Dogecoin Millionaire of 2021,” he stated on Twitter.
Ok I’m just going to put this out there. I believe I’m the first Dogecoin Millionaire of 2021. It officially happened yesterday April 15th 2021 at 6pm PST & here’s proof #doge #dogecoin #dogearmy #dogecoinrise https://t.co/JaWJrvv7iz
— SlumDOGE Millionaire (@ProTheDoge) April 17, 2021
As Dogecoin continued to rally and the Dogecoin dog meme became mainstream, Contessoto’s account grew to a peak of $3 million, at which point he decided to quit his job. At this point in time, he was up more than 12x on his initial investment of $250,000 in a span of just three months.
In mid-September 2021, days after being prominently featured in a New York Times article, Contessoto met with a crypto expert, with whom he had a heated debate over whether he should sell his holdings at 0.25 cents per DOGE. He didn’t.
Contessoto was reportedly waiting to sell it all once Dogecoin hit $1. Which ultimately never came to pass.
But Contessoto was apparently not taken aback by the huge swings that came with having his networth tied up in Dogecoin. In fact, he is still very much into Dogecoin, sharing that Dogecoin is his “Plan A”, Plan B”, and “Plan C” to his more than 240,000 Twitter followers just a couple of weeks ago.
Plan A is #Dogecoin, Plan B is #Dogecoin, Plan C is #Dogecoin
— SlumDOGE Millionaire (@ProTheDoge) March 18, 2023
While definitely a gamble, there are reasons to believe that Dogecoin could pull off another rally reminiscent of the one in 2021 once more, and Contessoto’s adventurous bet will pay off. For starters, the Dogecoin community continues to grow, which is a prerequisite for any successful crypto project over the long term. In addition, Dogecoin is the favorite crypto of Elon Musk, who holds considerable sway over the social media space and crypto markets.
Finally, our Dogecoin price prediction algorithm forecasts the price of DOGE to increase by +1,230% and hit $0.99 next year. It will be interesting to see whether Contessoto would sell if the price of Dogecoin were to reach that price level, or will he remain strong and wait for the $1 mark out of principle. For more information about investing in Dogecoin and its prospects of hitting $1, check our YouTube video below.
DOGE rich list: There are currently 590 Dogecoin millionaires
According to blockchain data, there are currently 590 Dogecoin addresses that contain at least $1,000,000 worth of DOGE. Moreover, there are 73 Dogecoin addresses that contain more than $10 million and 8 addresses that contain over $1 billion.
This means that Contessoto, widely known as “Dogecoin Millionaire”, is ironically not one of Dogecoin millionaires, as his portfolio stands at about $417,000 (at current DOGE market rates).
At the time of writing, 14 addresses hold more than 1 billion DOGE coins, most of which belong to exchanges (but there are some anonymous addresses that could belong to individual investors). Interestingly, the largest number of addresses hold 1 to 10 DOGE, with more than 1.1 million individual addresses. Here’s a quick look at the top 10 richest Dogecoin addresses:
| Blockchain Address | Owner | Amount of DOGE | USD Amount | % of DOGE Circ. Supply |
|---|---|---|---|---|
| PDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ | Robinhood | 33,562,065,562 DOGE | $2,511,061,697 | 24.18% |
| D8ZEVbgf4yPs3MK8dMJJ7PpSyBKsbd66TX | Unknown | 7,738,973,627 DOGE | $579,018,005 | 5.58% |
| DE5opaXjFgDhFBqL6tBDxTAQ56zkX6EToX | Binance | 6,755,255,238 DOGE | $505,417,721 | 4.87% |
| DDTtqnuZ5kfRT5qh2c7sNtqrJmV3iXYdGG | Cryptsy | 5,031,001,916 DOGE | $376,411,761 | 3.63% |
| DuXGMFNGpGjaAqyDunSMvceMBruc1wwKF | Binance | 4,436,635,760 DOGE | $331,942,207 | 3.20% |
| DDCRBABw7b1U7gSmgstb5SHWRS7gTqRWBc | Unknown | 1,981,615,533 DOGE | $148,261,401 | 1.43% |
| DDogepartyxxxxxxxxxxxxxxxxxxw1dfzr | Dogeparty-XDP-burned | 1,854,584,030 DOGE | $138,757,101 | 1.34% |
| DMuFDCTwxdqzfWrCEE7HiMxBonKVU49Fz4 | Unknown | 1,818,666,904 DOGE | $136,069,837 | 1.31% |
| D94wYp1bGAP61Q4ytp8iau4fWEWaNTbCvm | Unknown | 1,230,009,993 DOGE | $92,027,440 | 0.89% |
| DETAr8TofsDQM6UduNYCjNfknai1HnWcLn | Unknown | 1,109,641,623 DOGE | $83,021,665 | 0.80% |
*Data collected from Bit Info Charts on March 30th
Overall, most of Dogecoin’s 132 billion token supply is concentrated among the richest holders, with just 5.8% of top addresses controlling over 98% of the entire supply – which makes Dogecoin much more top-heavy than XRP, Bitcoin, and Ethereum.
The bottom line: Dogecoin could create a lot of new millionaires if it repeats its 2021 run
The story of Glauber “Dogecoin Millionaire” Contessoto is certainly a wild ride – from becoming a millionaire in just a couple of months to seeing that networth slowly evaporate, Contessoto has become a well-known figure in Dogecoin and the broader crypto community.
While Contessoto is up a decent chunk of money on his Dogecoin investment, he could see a massive windfall if Dogecoin were to go back up in 2023 and mount a rally toward the $1 price tag once again.