Cryptocurrency NewsCrypto Millionaire Loses Fortune After Betting Big on Dogecoin

Crypto Millionaire Loses Fortune After Betting Big on Dogecoin

Glauber Contessoto, a 35-year-old Las Vegas resident who goes by “SlumDOGE Millionaire,” went all-in on Dogecoin back in 2020, encouraged by Elon Musk’s tweets about the cryptocurrency. He invested $250,000—every last penny of his savings and credit card limits—into Dogecoin. At its peak, his investment soared to a staggering $3 million, but Contessoto, demonstrating what he calls “diamond hands,” chose not to sell.

However, with Dogecoin’s value plummeting more than 90% from its all-time high of $0.73 in May 2021, Contessoto has seen his investment shrink dramatically, at times hitting as low as $50,000. Despite the sharp decline, he remains optimistic. “I genuinely believe Dogecoin will become Twitter’s currency,” he told Decrypt.

Interestingly, Elon Musk, who has recently acquired Twitter and renamed it “X,” has hinted at integrating Dogecoin into the platform as a payment method. Given Musk’s history of influencing the cryptocurrency’s price, Contessoto’s bet may not be entirely far-fetched. As it stands, Dogecoin is the ninth-largest cryptocurrency with a market capitalization of around $9 billion.

Though largely speculative, Contessoto is unwavering in his belief. “Dogecoin will hit $1 in the next bull market, no doubt about it,” he says. Despite the rollercoaster he’s been on, he acknowledges the cyclical nature of crypto markets. “I knew it would be a ride; I just didn’t expect it to dip this low.”

For the future, Contessoto plans to be more strategic. “Next time around, I’ll sell some, but not all,” he said. “The Dogecoin community has always aimed for the $1 mark. However, I want to encourage more responsible trading habits in the crypto community, like taking profits without shame.”


This blog is for educational purposes only. The information we offer is not investment advice. Please always do your own research before investing. Any opinions expressed in this article are not a recommendation that any particular cryptocurrency (or cryptocurrency token/asset/index), cryptocurrency portfolio, transaction, or investment strategy is appropriate for any particular individual.


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