Glauber Contessoto, also known as the “SlumDOGE Millionaire,” took a gamble on Dogecoin after Elon Musk promoted the cryptocurrency on Twitter in 2020. He invested his savings and maxed out his credit card to buy $250,000 worth of Dogecoin, which soared to a peak value of $3 million. However, Contessoto refused to cash out, and now that Dogecoin has dropped over 90% from its all-time high, his holdings have dwindled to as low as $50,000. Despite this setback, Contessoto still believes in Dogecoin and its potential to become a widely used currency on Twitter.
Contessoto’s faith in Dogecoin stems from Twitter’s eccentric new owner, Elon Musk, who has expressed genuine interest in making the meme-based coin a payment method. Musk has hinted at integrating Dogecoin into Twitter and previously announced that the social media platform was working on a product that supported cryptocurrency payments. This potential development gives Contessoto hope for the future value of Dogecoin.
While Dogecoin remains largely speculative and its price heavily influenced by Musk’s tweets, Contessoto remains determined. He predicts that Dogecoin will reach $1 during the next bull run and sees cryptocurrency markets as cyclical. Although he admits to misjudging the extent of the price drop, Contessoto intends to adopt healthier habits in the crypto industry, such as taking profits without facing criticism from the community.