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Glauber Contessoto went all in on Dogecoin after Elon Musk began pumping the cryptocurrency on Twitter again in 2020.
After utilizing all his financial savings and bank card to plug $250,000 into the cryptocurrency, his holdings shot as much as $3 million at one level—however “diamond palms” Contessoto, 35, refused to money out.
Now, with Dogecoin (DOGE) down by over 90% from its Could 2021 all-time excessive of $0.73, the Las Vegas resident has watched the worth of his holdings drop to as little as $50,000.
Contessoto—who calls himself “SlumDOGE Millionaire” and runs the The Dogecoin Millionaire YouTube channel—even admitted his dismay yesterday on Twitter. However he says he nonetheless has religion.
“DOGE will certainly turn out to be the cash on Twitter,” Contessoto advised Decrypt. “I actually imagine it.”
Perhaps the Las Vegas resident has some extent: DOGE was created as a joke, however Twitter’s eccentric new proprietor has lengthy talked—generally significantly—about how the unique meme coin will turn out to be the cryptocurrency of selection for funds.
And Musk could also be engaged on integrating it with Twitter after information dropped earlier this 12 months that the social media platform was engaged on a product in a method that was supportive of crypto funds.
“It will make sense that will probably be a fee methodology on X,” he stated, utilizing Musk’s new title for the platform.
For now, although, the asset—the ninth largest cryptocurrency with a market cap of $9 billion—is essentially speculative: its value has traditionally shot up and down largely on what Musk says, and folks usually become involved with the hopes of getting wealthy fast.
Regardless of watching his funding plunge, Contessoto is a kind of individuals.
“Doge will go to $1 on the subsequent bull run,” he stated. “I’m certain of it.”
“Crypto markets are cyclical,” he added. “I went into it understanding this idea, I simply miscalculated how low we’d truly go.”
Subsequent time, he stated, he would promote—however not essentially all of it. “We [the DOGE community] had been all the time rallying for a greenback,” he added. “I wish to introduce extra wholesome habits in crypto and taking earnings is one—with out getting shamed.”
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