Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life savings in the meme-inspired cryptocurrency in early February to become a millionaire, is doubling down on his bet In the meme-inspired cryptocurrency by investing an additional $25,000 in it.
According to a tweet Contessoto published, the move comes in response to the cryptocurrency’s price dip, as he seemingly does not believe the price will keep on dropping.
As reported, Contessoto has in the past revealed he will keep HODLing onto his DOGE even after losing the millionaire status he acquired after his portfolio managed to go over $2 million with the price of DOGE at an all-time high.
The price of the cryptocurrency has since been dropping, however, and he has lost his millionaire status. In a single day, he lost over $167,000 amid a wider cryptocurrency market crash. At the time, the investor said he would be worried “if bitcoin and ethereum weren’t also hit,” but as these were he will keep on holding onto his funds.
Contessoto reportedly invested in DOGE when it was trading at just 4.5 cents per token. The cryptocurrency has been steadily dropping since its $0.74 all-time high and is now trading at $0.23.
The price of DOGE surged earlier this year partly thanks to celebrities like Tesla CEO Elon Musk, Kiss singer Gene Simmons, billionaire Mark Cuban, Snoop Dogg, and others who kept tweeting jokes about it, spurring interest and fueling its growth.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
In an interview last month, Contessoto said he did not lose faith in his investment and was planning to add more Dogecoin to his holdings during dips. He planned on holding onto the investment for at least one year.
Per his words, people get “caught up in the short-term and don’t have the patience to see the investment all the way through.” He added that volatility comes “with the territory,” and investors who aren’t able to “stomach the fluctuations” are “maybe not cut out for crypto.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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