Glauber Contessoto, a known major cryptocurrency investor, recently tweeted about his potential to regain a wealth milestone if the price of Dogecoin (DOGE) hits 20 cents.
What Happened: On Sunday, Contessoto posted on X, formerly Twitter, that if Dogecoin’s value rises to 20 cents, his holdings in the cryptocurrency will be worth a whopping $1 million. Contessoto, also known as the ‘SlumDOGE Millionaire,’ has been vocal about his substantial investments in the digital coin.
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In a previous tweet, he also disclosed his entire crypto holdings amount to $1.6 million, including investments in Dogecoin and Cardano (ADA).
Contessoto revealed, in July 2021, that he was no longer a Dogecoin millionaire. Despite losing his millionaire status in June due to a selloff in the cryptocurrency markets, Contessoto remained committed to holding onto his Dogecoin holdings for over a year, according to a prior Benzinga report.
Why It Matters: This post from Contessoto in the wake of a significant surge in Dogecoin’s price, which has increased by 62% over the past week. This uptick in value has been influenced by the overall strength of the crypto market, with Bitcoin (BTC) reaching $64,000 and Ethereum (ETH) hitting $3,500.
The recent surge in Dogecoin’s price propelled its market capitalization to $18.3 billion, surpassing large companies like MicroStrategy and Robinhood. This has seen the coin rise to the 10th largest cryptocurrency.
Contessoto’s potential wealth milestone with the anticipated rise of Dogecoin’s price demonstrates the high stakes and potential returns of the volatile crypto market. His investment strategy, which includes buying the dip, has seen his fortunes fluctuate with the ebb and flow of the crypto market.
Price Action: Dogecoin traded 11.5% higher at $0.155 at the time of writing over 24 hours, according to Benzinga Pro data. The meme coin has shot up 82.1% over the last seven days.
Photo by milan2102 on Shutterstock
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