Glauber Contessoto invested his life savings of $250,000 in Dogecoin in 2020 after Elon Musk began promoting the meme cryptocurrency on Twitter. At one point, his holdings soared to $3 million in value, but Contessoto refused to cash out his “diamond hands.” Now, with Dogecoin down over 90% from its all-time high of $0.73 in May 2021, the Las Vegas resident’s holdings have plunged to just $50,000. Despite his dismay, Contessoto still believes in Dogecoin becoming “the money on Twitter.”
Contessoto, known as “SlumDOGE Millionaire,” argues Dogecoin makes sense as a payment method on Twitter under Musk’s ownership. While currently speculative, with its price driven by Musk’s tweets, Contessoto remains convinced Dogecoin will hit $1 in the next bull run. He acknowledges miscalculating how low crypto markets could go but says he understands their cycles. Next time, Contessoto plans to take some profits without shame when rallying for Dogecoin to reach a dollar.
Despite watching most of his paper fortune evaporate, Contessoto still has faith in the meme cryptocurrency he bet big on and its eccentric booster Musk. He believes its integration with Twitter is inevitable given Musk’s affection for Dogecoin. Contessoto says he has learned about healthier crypto habits like taking profits, which he will implement during the next bull run while remaining a dedicated Dogecoin holder.
