Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life savings in the meme-inspired cryptocurrency in early February to become a millionaire, says he will keep HODLing onto his DOGE even after losing the millionaire status he acquired.
Contessoto’s DOGE portfolio reportedly rose to surpass $2 billion when the cryptocurrency was trading at a $0.74 all-time high last month, but according to CNBC is now worth about $830,000, after falling by more than $167,000 in a single day.
The Dogecoin investor confessed that he would be worried “if bitcoin and ethereum weren’t also hit,” but as these were he will keep on holding onto his funds even after losing his millionaire status. Contessoto invested in DOGE when the cryptocurrency was trading at about 4.5 cents.
Since then DOGE moved up partly thanks to celebrities like Tesla CEO Elon Musk, Kiss singer Gene Simmons, billionaire Mark Cuban, Snoop Dogg, and others who kept tweeting jokes about it, spurring interest and fueling its growth.
It’s now trading at $0.23 after crashing from its $0.74 all-time high. Year-to-date, the cryptocurrency is up over 4,000%.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
Contessoto hasn’t lost faith in his investment and even bought more DOGE during its dips. He remains bullish on the cryptocurrency as when he decided to invest in it he “planned it being for at least a year.” He added:
Whatever happens in the short-term doesn’t matter to me because I’m looking to ‘hodl’ dogecoin for years to come. I’m truly not worried at the end of the day.
The former Dogecoin millionaire is planning to stick to his original plan, he tells CNBC. The plan will see him sell 10% of his holdings once his portfolio has a $10 million value, while the rest is to remain invested.
Per his words, people get “caught up in the short-term and don’t have the patience to see the investment all the way through.” He added that volatility comes “with the territory,” and investors who aren’t able to “stomach the fluctuations” are “maybe not cut out for crypto.”
As reported Billy Markus, one of the co-creators of the meme-inspired cryptocurrency Dogecoin (DOGE), has on social media revealed that “after 8 years of vowing never to buy crypto again” he decided to invest in the cryptocurrency he helped create.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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