American Influencer Who Invested in Dogecoin 3 Years Ago
Steadfastly Holds Despite Price Fluctuations
Successfully Recovers Assets... Now Worth 2.8 Billion Won
A man in the United States who became a millionaire through Dogecoin investment and experienced a price crash has attracted attention by successfully recovering his assets.
On the 27th (local time), Fortune USA reported that Glauber Contessoto (36), a famous influencer nicknamed the "Slumdoge Millionaire," recovered assets worth 2 million dollars (about 2.8 billion KRW) due to the rise in Dogecoin (DOGE) prices. Previously, Contessoto became a millionaire by investing in Dogecoin three years ago but lost all his money due to a price crash.
According to the report, Contessoto first purchased Dogecoin in February 2021 at the age of 37. At that time, he is known to have used all his lifetime savings and credit card limits to buy $250,000 (about 350 million KRW) worth of Dogecoin. He made this bold decision inspired by Elon Musk, Tesla CEO's support for Dogecoin. Although his family and friends were concerned about Contessoto's decision, he became a millionaire in just two months due to the rapid price surge of Dogecoin. Eventually, his assets grew to $3 million, making him a legendary figure in the cryptocurrency investment world. Contessoto gathered numerous followers on social media based on this experience.
However, the good times did not last. Soon after, the price of Dogecoin plummeted from $0.53 to $0.06. He lost millions of dollars in assets as well as his online fame. Nevertheless, Contessoto did not sell his Dogecoin, holding on with the conviction that Dogecoin and his social media presence would regain attention. And his prediction became reality. In an interview with Fortune, Contessoto said, "I learned about cryptocurrency technology and realized that this technology will flourish greatly in the future," adding, "I invested in Dogecoin with confidence."
Meanwhile, Dogecoin is an open-source cryptocurrency developed by Jackson Palmer in 2013, and its price surged in 2019 due to posts by Musk on social media. At that time, Musk expressed interest in Dogecoin on his X (formerly Twitter) account, saying, "It might be my favorite cryptocurrency. Pretty cool." Recently, following the election of Republican candidate Donald Trump as U.S. president, expectations for the cryptocurrency market have been reflected in a price surge.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
