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Dogecoin Millionaire's Fortune Fell From $3M to $50,000—But He Hasn’t Lost the Faith

source-logo  decrypt.co 24 August 2023 02:40, UTC

Glauber Contessoto went all in on Dogecoin after Elon Musk started pumping the cryptocurrency on Twitter back in 2020.

After using all his savings and credit card to plug $250,000 into the cryptocurrency, his holdings shot up to $3 million at one point—but “diamond hands” Contessoto, 35, refused to cash out.

Now, with Dogecoin (DOGE) down by over 90% from its May 2021 all-time high of $0.73, the Las Vegas resident has watched the value of his holdings drop to as low as $50,000.

I used to have $3 Million in #Dogecoin

Now it’s $50,000

What happened?

😣 pic.twitter.com/tOw2pNTPaI

— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023

Contessoto—who calls himself “SlumDOGE Millionaire” and runs the The Dogecoin Millionaire YouTube channel—even admitted his dismay yesterday on Twitter. But he says he still has faith.

“DOGE will definitely become the money on Twitter,” Contessoto told Decrypt. “I truly believe it.”

Maybe the Las Vegas resident has a point: DOGE was created as a joke, but Twitter’s eccentric new owner has long talked—sometimes seriously—about how the original meme coin will become the cryptocurrency of choice for payments.

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And Musk may be working on integrating it with Twitter after news dropped earlier this year that the social media platform was working on a product in a way that was supportive of crypto payments.

It would make sense that it will be a payment method on X,” he said, using Musk's new name for the platform.

For now, though, the asset—the ninth largest cryptocurrency with a market cap of $9 billion—is largely speculative: its price has historically shot up and down largely on what Musk says, and people often get involved with the hopes of getting rich quick.

Despite watching his investment plunge, Contessoto is one of those people.

“Doge will go to $1 on the next bull run,” he said. “I’m sure of it.”

“Crypto markets are cyclical,” he added. “I went into it understanding this concept, I just miscalculated how low we would actually go.”

Next time, he said, he would sell—but not necessarily all of it. “We [the DOGE community] were always rallying for a dollar,” he added. “I want to introduce more healthy habits in crypto and taking profits is one—without getting shamed.”