Betting heavily on Dogecoin, getting rich overnight and then losing it all
For Glauber Contessoto, the so-called “Dogecoin millionaire,” the past few years have been an ups and downs for cryptocurrency investing. Between the end of 2020 and the beginning of 2021, he made a surprising decision: he gambled his life savings and maxed out his credit cards, investing $180,000 in Dogecoin. This gamble brought him unexpected returns, and his assets once soared to $3 million. However, he did not take advantage of the high to exit the market at the time, and the market value of Dogecoin subsequently plummeted, causing his portfolio to fall to $200,000 and becoming the object of ridicule. During that time, he lived in a shabby apartment, drove a beat-up Toyota, and lived a fairly ordinary life.
Keep the faith and increase your position against the trend
During the period when Dogecoin fell to a low of $0.055, many investors began to question Contessoto’s investment decisions. Every day he logs on to social media, he faces a flood of criticism and abuse, especially from investors who say they lost money by following his advice.
"I have a lot of people who invested because of me, so I feel responsible for them and can't just sell it!" Contessoto told foreign media (Decrypt).
During the lowest period of asset decline, his finger once hovered over the sell button, thinking whether it was all worth it. However, in the end, instead of selling, he chose to increase his investment and spent US$71,500 to buy another 1.3 million Dogecoins. The unexpected decision made more people question his judgment.
Return to glory and make a lot of profits
With Dogecoin recently topping $0.40, the total value of Contessoto’s investment has returned to $2.1 million.
Source: X Glauber Contessoto’s total assets invested in Dogecoin have returned to $2.1 million
Contessoto said: "Everything I said before is happening. It feels really good, although it can't replicate the feeling of going from nothing to becoming a millionaire the first time, but this time it is like a very exciting sequel." The difference last time is that this time he said he would adopt a more cautious strategy: "I will definitely take profits this time, but I may not sell all my positions. Obviously, I have learned the lesson of taking profits at the right time. ” He is consulting experienced traders to plan an exit strategy, intending to gradually reduce his holdings when Bitcoin reaches its peak.
Crisis turns into opportunity, build personal brand
This thrilling investment journey unexpectedly brought another career opportunity to Contessoto. Although many people ridiculed him for missing the opportunity to make a profit of $3 million, he believes that in the long run, this was a "smart" decision. By recording the investment process on YouTube and sharing the final portfolio status of each episode, he has accumulated 115,000 subscribers, and the number of X followers has reached 355,000, which were unprecedented before this investment crisis.
Contessoto explained: "This is actually my original goal, I want to build a personal brand through this whole process. Every day I am making YouTube videos, advertising products, shooting commercials, selling merchandise...basically... Monetize the entire journey.”
According to the June 2023 documentary (The Meme Economy: This is Not Financial Advice), he has earned $690,000 through sponsorship cooperation and has also moved into a mansion in Las Vegas. However, becoming a cryptocurrency KOL also brings new challenges.
Picture source: IMDb movie documentary (The Meme Economy: This is Not Financial Advice)
However, blockchain detective ZachXBT has pointed out that Contessoto has promoted some suspected "Rug Pull" projects in the past, including the token Safereum. The team of this project sold 600 ether coins, causing the token price to plummet by nearly 95%. In this regard, Contessoto said: "I will do as much research as possible, but I am not a detective or a technical expert. All I can do is try to ensure the legality of the project, but even so, sometimes accidents still happen."
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
"From hitting rock bottom to returning to glory, he relied on "this coin" to complete the counterattack and turned into a crypto KOL." This article was first published in "Crypto City"
