Banking

An Elon Musk-inspired dogecoin investor made over $1 million on the meme coin before the crypto sell-off. He’s now buying the dip

Glauber Contessoto.

Glauber Contessoto, a 33-year-old Los Angeles resident, became a millionaire in April after investing over $180,000 in dogecoin.

He piled into the digital asset after being inspired by Elon Musk, who once called the coin his favorite cryptocurrency.

Contessoto invested his life savings of $250,000 into the cryptocurrency when it was trading at 45 cents in February, and turned a profit of more than $1 million in two months.

Despite consistent fluctuations in the meme coin’s price, Contessoto has been a loyal investor and hasn’t been swayed by the recent sell-off in cryptocurrencies.

“Dogecoin is my savings account, we’ll see how it all pans out,” he said in a tweet. “This will either change the game or be a train wreck, but until then I’ll take a rain check.”

When dogecoin hit 17 cents per coin on July 17, he invested another $5,300. Since the coin has struggled to return to its previous peak of about 70 cents, Contessoto’s holdings are now valued near $760,000, according to a screenshot he posted to his YouTube channel. But his determination to see dogecoin succeed appears to be unshakeable.

“Look over the graphs, look over the years, look at the trends, look at the all time highs and the lows over time,” he tweeted.

Dogecoin

At “The B Word” event on Wednesday, Elon Musk revealed that he owns dogecoin himself. But the billionaire Tesla boss owns “far more” of bitcoin.

Musk admitted that the dogecoin community is “somewhat irreverent” and doesn’t take itself too seriously.

“The most ironic and entertaining outcome would be that the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency,” he said.

Read More: The world’s largest crypto asset manager is launching a decentralized finance index fund. Grayscale CEO Michael Sonnenshein told us why the firm is betting on DeFi amid surging demand from institutional investors.


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