Self-Proclaimed "Dogecoin Billionaire" Loses Significant Fortune But Remains Invested

Glauber Contessoto, who once described himself as the “Doge Millionaire”, has his fortune vanishing fast. Although he is way ahead of his investment, he is no longer a Dogecoin millionaire. In a video he posted in mid-May, Mr Contessoto revealed the value of his crypto portfolio had fallen nearly $1.8 million in a year — but he had still made $281,000 on his investment. When Dogecoin faced a rout in May last year, Mr Contessoto had refused to sell his holdings despite losing his millionaire status briefly.

At the time, Mr Contessoto had asserted his faith in Dogecoin. And he still comes across as faithful. According to ABC, Mr Contessoto, in a video, said, "It's getting crazy in this crypto market, right? It's getting sweaty in here; you know what I'm saying?" 

The 34-year-old also showed his followers that he was doubling down on his investments, even though Dogecoin, a digital currency based on an image (meme) of the popular Japanese hunting dog Shibu Inu, has lost half of its value since the beginning of this year. "I'm a long-term holder, you guys know that, know what I'm saying, diamond hands?" he said, "and I'm going to keep on holding it."

Mr Contessoto, a resident of Los Angeles city in the US, has a “rags-to-riches” story that has drawn many people to cryptocurrency. In April last year, he claimed that he had become a Dogecoin millionaire in just “just 69 days".

According to the report, Mr Contessoto said he grew up poor in a family that emigrated to the US from Brazil. He dabbled in various fields, including the music business, and the stock market, to make money. And then, Mr Contessoto found Dogecoin last year.

"So, I figured, okay, this is going to be the next play. People are going to start investing in Dogecoin and it's going to take off,” he said, adding that it helped that billionaire tech entrepreneur Elon Musk too was rooting for this coin.