Dogecoin Millionaire Still Holds Even Falling From $3M to $50,000

Glauber Contessoto was so inspired by Elon Musk’s marketing of Dogecoin as the Twitter (presently X) logo back in 2020 that he invested all his savings ($250,000) in it. His holdings caught up to $3M at one point but he didn’t cash it out.

Now, Dogecoin is down by over 90% from its May 2021 all-time high of $0.73. The value of Contessoto $3M has now dropped to $50,000. He represents himself as SlumDoge Millionaire and also runs a YouTube channel where he expresses his shock regarding the matter but still accepts that he has faith in Dogecoin.

Contessoto has hundreds of thousands of followers online and he declared himself a Doge millionaire earlier but now his fortune seems to be vanishing fast.

Glauber Contessoto View Regarding Dogecoin

In an interview, Contessoto added that he believes that one-day Dogecoin will become the currency to trade on X (formerly Twitter). Dogecoin was once created as a joke but it is long talked about by the unconventional owner of the social media platform X. This has already highlighted his keen interest in this memecoin.

Also, this raises the thought that one day Dogecoin will be preferred as a coin for trading on the platform. The news also surfaced this year earlier that the social media platform was working on a product that is supportive of crypto payments.

Dogecoin is the ninth largest cryptocurrency in the market with a market cap of $9 Billion. Its price was affected due to Elon Musk’s tweets mentioning this cryptocurrency. Volatility is the basic nature of any cryptocurrency especially since meme coins are eruptive.

Any famous personality or influencer can affect the price of any meme coin as they have a large following. Besides seeing the price lowered, Contessoto is still maintaining his faith in it. He said that Dogecoin will go to $1 on the next bull run.

However, he also added that crypto markets are periodic and that he miscalculated how it would go. He will make a wise decision next by selling but not necessarily all of the assets. Further, he said that the community was always improving for a dollar. He wants to incorporate more healthy habits in crypto and take profits as one without being ashamed.

Summary

Glauber Contesso expanded his interest in Dogecoin after Elon Musk praised the cryptocurrency on Twitter (now X) back in 2020. Although facing the fall of $50,000 from $3M, he still refuses to cash it out. He expressed his faith in the cryptocurrency and believes that the day will come when it will become the trading currency on social media platform X.