But investor Glauber Contessoto, whose dogecoin holdings previously surpassed a value of $1 million, isn't worried. The market overall tends to be high risk, high reward: for instance, 33-year-old Dogecoin investor Glauber Contessoto became a crypto millionaire earlier this year, only to recently lose. "It's something at the SEC we used to call the Greater Fool Theory that you believe there's a greater fool out there who will pay more, whatever the cryptocurrency might be.". Contessoto said that his holdings are down over $167,000 yesterday itself, and his portfolio was worth as of Tuesday at 2:10 a.m. IST. Also, the site may contain affiliate links in some of the posts, and we may earn commission from the signups and sales. 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, is doubling down on his bet In the meme-inspired cryptocurrency by investing an additional $25,000 in it. He makes $60,000 a year at his job now a decent living, but nowhere near enough to afford a home in Los Angeles, where the median home costs nearly $1. His name is Glauber Contessoto, and after investing over $180,000 in the cryptocurrency back in February, he saw his Robinhood balance climb to over $1 million by mid-April, earning a nearly 700% . (Updated). He dabbled in the music business, dabbled in the stock market, and then, last year, turned to cryptocurrency specifically Dogecoin, a digital currency based on an image of a Shibu Inu, a Japanese hunting dog, a popular internet meme. Read the latest news, events, reviews, videos, technical analysis and guides around crypto. Other people are telling me to stay strong, others sharing their stories. "It's really brought to the forefront that something that has no intrinsic value, that's not tied to any real-life asset or service, that is just plainly a joke, has become on par with some of the more serious cryptocurrencies like Bitcoin or Ethereum. Glauber Contessoto, 34, lives in Las Vegas, Nevada. Theyre not so interested in underlying economics, but [rather] the chance of a very rapid, high gain, or a very rapid, sharp loss.. As reported by CNBC Make It, Contessoto said that his holdings are down over $167,000 yesterday itself, and his portfolio was worth $831,538.88 as of Tuesday at 2:10 a.m. IST. "Up until yesterday, I had been a millionaire, if bitcoin and ethereum weren't also [hit], I'd be worried." -Glauber Contessoto, 33 "With cryptocurrency, there's really no reason that people need to tell you the risk involved or the odds that you make money and oftentimes people will just totally make off with your cryptocurrency and there's nothing you can do about it. Is Testerbuzz.com amazon product tester a scam or legit? How I became an overnight dogecoin millionaire, How this 39-year-old earns $26,000 a year in California. Meet Glauber Contessoto, . Glauber Contessoto put all his money into Dogecoin. Sign up now: Get smarter about your money and career with our weekly newsletter, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Investorscould get burned, and in turn, should only invest what they can afford to lose. 18.9K followers. Everyone can own Dogecoin, it's cents on a dollar," Mr Contessoto recalled. Read about our full privacy policy here: Privacy Policy. To keep up with his growing "dogecoin millionaire" brand online, Contessoto also quit his day job at a music company in Los Angeles in June. Whats Quick card san diego charge on credit card? Even if that sounds like Gen Z nonsense to older investors, she said her audience is looking for a change of pace. A Division of NBC Universal. Earlier this month, the cryptocurrency market crashed, leaving recent investors lured in by the hype out of pocket, as huge amounts were wiped off the value of digital coins and tokens. Glauber Contessoto is a crypto trader who rose to fame as a Dogecoin millionaire. Net Worth: Relationship: Single Kids: Edit this Information. "Imagine the influence that she has," Mr Scott said. . Thanks for contacting us. Then he decided to sell his shares and go all in, as Musk head of Tesla and Space X, the world's richest man got behind the cryptocurrency. The Los Angeles resident reportedly exhausted all of his personal savings on dogecoin, according to Newsweek. This volatility is why experts warn that Crypto . Though he isn't a financial expert, he's optimistic that dogecoin has already hit bottom. With major cryptocurrencies persisting to be in the red as of the next day, Contessotos portfolio was hit, which only consists of Dogecoin. The newly appointed Dogecoin millionaire, AKA' Slum Doge Millionaire,' stumped up his initial investment by selling everything he owned of value. He flew to the United States at the age of 6 with his family and resided in Suburban, Maryland. "Day afterday after day, it was like, one scam, one day, two hacks the next day.". In addition, Contessoto shared in recent a YouTube video that he's selling his own beard cream lineup called the "Diamond Hand." Dogecoin is now among the top dozen cryptocurrencies, sitting alongside so-called "blue chip" cryptos such as Bitcoin and Ethereum. HONEST review, Cup Loan Program Application Legit or Scam? The law firm has launched a multi-million-dollar class action against a schemethat used major celebrities including reality TV star Kim Kardashian and former world champion boxer Floyd Mayweather to promote a crypto token. An unexpected windfall will cheer you up no end between now and the weekend but watch out for those who want to help you spend it or you could end up with precious little left for yourself. Contessoto himself also tells his followers not to invest more than they could afford to lose. In fact, Contessoto even told CNBC that he treats his doge portfolio as his savings account, and still continues to accumulate more dogecoin whenever it dips. Glauber Contessoto, 33, in Los Angeles, put his life savings into Dogecoin, turning $250,000 (180,000) into $3.2m at the cryptocurrency's all-time high, when Dogecoin hit 72 cents per coin. A fight between Mayweather and US social media celebrity Logan Paul became a vehicle to lure in investors, who were offered rewards, including ringside seats and signed boxing gloves, for buying significant amounts of the cryptocurrency. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up. Glauber Contessoto's dogecoin holdings on Robinhood as of around 12:00 p.m. EST on Tuesday, July 6.. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were. He started with only a few thousand dollars a few years ago earned through part-time jobs and freelance writing gigs and now has access to seven-figures after ditching his post-college career to work in this space full-time. "Doge is my savings account.". "I stayed up all night time taking a look at my display," Contessoto, 33, once told CNBC. "[Musk] tweeted back-to-back like on a rant where he's saying, "Dogecoin is the future, Dogecoin is the people's crypto. "As the chairman of the SEC stated, it's the wild west, and it's the wild west because it is unregulated," he said, "and because of that lack of regulation, there are many opportunities for people to lose their money.". Now, my investment is worth around $230,000. But crypto investor Cooper Turley, 26, said its only a matter of time before alternative currencies are completely mainstream. "It took me two months to become a millionaire.". (2023 Updated), Meet LFL Adrian Purnell, Instagram, and Bio, Meet black Japanese goalkeeper Zion Suzuki (2022 Updated), Lindy and Jlo Net Worth, Age, Real Name, and Story, Erika Kullberg Husband, Net Worth, Age, Wedding & Ethnicity, Cinnamon finds scam or legit? I feel like the war in Ukraine is a big reason. The Los Angeles resident reportedly exhausted all of his personal savings on dogecoin, according to Newsweek. Since, Contessoto has refused to sell, despite dogecoin's ups and downs. ", Investors are mounting big bets against these 2 A.I. Between his savings and borrowed funds, Contessoto says that heinvested over $250,000 in dogecoinon February 5 when it was priced at about 4.5 cents. In fact, his destiny changed the previous night and it might have taken a day or two for him to. #DiamondHands this is the way #dogecoin we will rise again, the tweet read. But his risks paid off. Contessotto, who works in the music industry, claimed Elon Musk, the billionaire, was a major influence on his decision. That's when he announced that he had become aDogecoin millionaire. "Obviously, it helped that Elon Musk was also a fan of Dogecoin.". Contessoto says everybody's stomach gets a little queasy when they experience their first dip because the crypto market is volatile and it will probably drop in price no matter when you buy in. Hey guys I just became a Dogecoin millionaire, he wrote on Reddit and attached a screenshot of his holdings on Robinhood. "People who invest in cryptocurrencies areenormously motivated to speak highly of them," Ms White argues, "because as the more people who also invest in that cryptocurrency the more their investment goes up.". I STILL BELIEVE IN #DOGECOIN, he said on Twitter. And Contessoto, who has tens of thousands of followers on Instagram and Twitter, today tweeted that his Doge investment stood at $764k. As the hype subsided, and interest began to wane, EthereumMax turned to Kim Kardashian, paying her an undisclosed sum to post a gushing endorsement of EthereumMax on Instagram, where she has hundreds of millions of followers. However, financial experts are highly skeptical of dogecoin, as well as other cryptocurrencies. 18.9k Followers, 120 Following, 82 Posts - See Instagram photos and videos from Glauber Contessoto (@prothedoge) prothedoge. . Social media plays a role in cryptocurrency investments, for both people who are looking to invest, as well as content creators who use it to guide others investment decisions. Now, he aims to keep the currency for a far longer period of time than merely a year. He claims to have become a dogecoin millionaire on paper two months later, in April. When I'm not creating content, I'm most often playing chess. In April of 2021, when the value of dogecoin reached an all-time high of $0.72,. The Dogecoin millionaire told CoinStats that he sold his Tesla and Uber stocks and gathered $250,000 with the help of Robinhood's margin investment feature, subsequently investing all of it into the memecoin. On February 5, Glauber stated he put about $180,000 into Dogecoin at a price of roughly $0.045 cents. Glauber Contessoto 33 Dogecoin All-in Dogecoin . Contessoto told CNBC that he grew up poor and that his gain from the meme currency was a huge deal for him. Do Not Sell My Personal Data/Privacy Policy. Glauber Contessoto became a cryptocurrency millionaire a little over two months after Elon Musk's tweets caused prices to soar. The younger generations dont think so. Today, Dogecoin was trading at $0.19, a 40% decline in value from last week. By May 2021, Glauber Contessoto assets had grown to 2 . I think the guy is a genius, Contessoto said of Musk in aCNBC interview. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on WhatsApp (Opens in new window). All rights reserved. So, I followed my heart. The Dogecoin Millionaire also known has SlumDOGE Millionaire on Twitter has been able to amass over 31k followers on the online microblogging platform. Even now, he dismisses the idea of selling. In the same video, he also revealed he's holding about 3.9 million units of dogecoinworth over $550,000. In pursuit of his dreams, he moved to Los Angeles and worked as a video editor at a music company. A lot of people don't realize this, but the first time I ever invested in any cryptocurrency was also in February 2021, so I had been in the space for two months and became a millionaire. Join half a million readers enjoying Newsweek's free newsletters. He told Insider that he believes cardano will be "blockchain 3.0" and is buying the ada token. People had a lot of free time on their hands and were locked in their apartments, he said. Ms White has a soft spot for the Dogecoin, the satirical crypto that became mainstream. I went on CNBC, I went to The New York Times, and I said that I wasn't going to sell a single coin. We send memes to each other all the time, it's just the way that we communicate, and Generation Z.". Meet Bob Alley, Kirstie Alleys ex-husband (Updated), Funny Marco interviews, age, birthday, and net worth, CREED III Final Trailer: The fight between former friends, Ant-Man and The Wasp: Quantumania (Trailer). Glauber Contessoto twitter is @ProTheDoge. Its an act of rebellion against traditional methods of investment and business. In the face of inflation and asset prices rising for people, this is not a feasible, sustainable, realistic way to build wealth anymore.. Instead, he earns a fair amount by selling merchandise on his website. PPP Loan Gone Movie Review: To Watch Or Not? Some experts have even, Though for thrill-seeking traders like Contessoto, its all part of the game. [2] He is the is cryptocurrency trader [3] known as the "Dogecoin millionaire". The whole goal for Dogecoin has always been mass adoption; to be, eventually, legal tender to be used in day-to-day payments, transactions and buying and selling things. Courtesy Glauber Contessoto. Of course, what further strengthened his decision was his belief in known dogecoin investor Elon Musk, who he thinks is "a genius. Glauber Contessoto became a crypto millionaire by buying Dogecoin. What is the Producer Michael Woods Net Worth? So I still feel like I was doing the right thing by holding. The coin hit 16 cents Tuesday morning before inching up to 17 cents. Altcoins, which typically follow Bitcoin sell-offs, have followed. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. About his decision to hold, he explained that people do not have the tolerance to observe the investment to the maximum extent, and only focus on the short-term. As for what he's planning to do once he cashes out, he shared he's hoping to start his own record label, with the ultimate goal of ensuring that his mom never has to work again (via Newsweek). Glass Onion: Whats the Pisceshite Island? "You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor, previously told CNBC Make It. I personally believe that next time we have an incredible market high, Bitcoin is going to hit $100,000 and Dogecoin will hit a dollar. Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said. had left him in 2011, when the price of bitcoin was approximately $10, in the cryptocurrency. SlumDoge Millionaire," Glauber Contessoto declares to his hundreds of thousands of followers online. Everything is just bad right now. Glauber Contessoto Tweet. In a videoMr Contessoto posted in mid-May, he revealed the value of his crypto portfolio had fallen by $US1.8 million in a year but he had still made $US281,000 on his investment. A photo shows a visual representation of a Dogecoin token, taken in January, 2021, in Katwijk, Netherlands. After it's surge, Dogecoin continued to fluctuate, but Contessoto remained confident in holding for the long term he even bought more Dogecoin during the dips. In #Dogecoin. "I had no idea how I was going to make money moving forward," he says. He took a massive risk by investing all of his lifes savings in a cryptocurrency initially known as meme coin. As a matter of fact, during the dips, he even bought more Dogecoins. We're also seeing murmurs of a recession coming up soon. Its rapid increase in popularity and value has made people like Contessoto rich. I enjoy writing about sports news, business, scholarship programs, and movies, among other topics. We've received your submission. His comments follow Augustreportsthat Marvel partnered with VeVe to launch its first NFT collection featuring popular superhero Spider-Man with prices ranging between $40 and $400. My options were to sell out of my Dogecoin at $3 million and go on to live a happy life or, I had be out there hustling. ", "I had a game plan in mind going into this purchase, and I wouldn't feel right always telling people to 'buy and hold' and as soon as I hit $3 million, cash out and leaving everyone else hanging," he said. Of $ 0.72, honest review, Cup Loan Program Application legit or scam him to privacy here! Same video, he said a millionaire. `` send memes to each other the..., 82 posts - See Instagram photos and videos from Glauber Contessoto, its all part of the,. Next day. `` top dozen cryptocurrencies, sitting alongside so-called `` blue chip '' such. Like, one scam, one day, it helped that Elon Musk & # x27 s! Each other all the time, it 's just the way that we,! Overnight dogecoin millionaire. `` to go up & # x27 ; s tweets caused prices to soar period time... Investors, she said her audience is looking for a far longer period of than... 40 % decline in value from last week, he said expert, moved... When the value of $ 0.72, they could afford to lose she! 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