Glauber Contessoto, a 33-year-old Los Angeles resident, grew to become a millionaire in April after investing over $180,000 in dogecoin.
He piled into the digital asset after being impressed by Elon Musk, who as soon as known as the coin his favourite cryptocurrency.
Contessoto invested his life financial savings of $250,000 into the cryptocurrency when it was buying and selling at 45 cents in February, and turned a revenue of greater than $1 million in two months.
Regardless of constant fluctuations within the meme coin’s worth, Contessoto has been a loyal investor and hasn’t been swayed by the current sell-off in cryptocurrencies.
“Dogecoin is my financial savings account, we’ll see the way it all pans out,” he stated in a tweet. “This can both change the sport or be a practice wreck, however till then I will take a rain examine.”
When dogecoin hit 17 cents per coin on July 17, he invested one other $5,300. For the reason that coin has struggled to return to its earlier peak of about 70 cents, Contessoto’s holdings at the moment are valued close to $760,000, based on a screenshot he posted to his YouTube channel. However his dedication to see dogecoin succeed seems to be unshakeable.
“Look over the graphs, look through the years, take a look at the tendencies, take a look at the all time highs and the lows over time,” he tweeted.
At “The B Phrase” occasion on Wednesday, Elon Musk revealed that he owns dogecoin himself. However the billionaire Tesla boss owns “way more” of bitcoin.
Musk admitted that the dogecoin group is “considerably irreverent” and does not take itself too severely.
“Essentially the most ironic and entertaining end result could be that the cryptocurrency that was began as a joke to make enjoyable of cryptocurrencies finally ends up being the main cryptocurrency,” he stated.
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