'Dogecoin Millionaire's' Holdings Drop From $3M To $50K — But Remains Optimistic, Says DOGE 'Will Rise Again'

Las Vegas resident Glauber Contessoto, famously known as the “Dogecoin DOGE/USD Millionaire,” watched his fortune take a drastic plunge from $3 million to as low as $50,000. 

What Happened: Contessoto, who had invested his entire savings and went into credit card debt, had put $250,000 into Dogecoin in 2021, a cryptocurrency originally created as a joke.

The 33-year-old investor made headlines when his Dogecoin holdings reached $2 million, claiming to be the “first Dogecoin millionaire of 2021.” 

Unfortunately for Contessoto, Dogecoin’s price experienced a sharp decline, dropping over 90% from its all-time high of $0.73 in May to $0.0637 (at the time of wriitng). This caused the value of his holdings to decrease significantly, leading to a remaining balance of around $50,000.

I used to have $3 Million in #Dogecoin

Now it's $50,000

What happened?

😣 pic.twitter.com/tOw2pNTPaI

— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters: Despite the staggering loss, Contessoto remains optimistic and continues to have faith in Dogecoin.

Contessoto on Wednesday said that dog-themed meme coins still have potential, stating, “I honestly don’t think Dog themed meme coins are done. I feel like they will rise again.” He compared the recent popularity of the frog-themed cryptocurrency Pepe Coin PEPE/USD and acknowledged its run.

I honestly don't think Dog themed meme coins are done.

I feel like they will rise again 🤔$PEPE had it's run, frog was cool 🐸

But dogs are where it's at foreal 🐶

— SlumDOGE Millionaire (@ProTheDoge) August 23, 2023

Dogecoin, initially created in 2013 as a light-hearted parody of Bitcoin BTC/USD, was designed with the intention of being a whimsical cryptocurrency. Its developers even based its image on a popular internet meme.

Photo from Shutterstock.

Read Next: Bitcoin, Ethereum, Dogecoin Rise In Sync With Stock Markets: Analyst Warns ETH ‘Coming Home’ Before Touching All-Time Highs

Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!