Glauber Contessoto went all-in on Dogecoin when Elon Musk began promoting the cryptocurrency on Twitter in 2020.
Having invested $250,000 from his savings and credit card, his holdings surged to $3 million at a certain point. However, despite the substantial gain, Contessoto, 35, with his “diamond hands,” opted not to cash out.
In 2020, when Elon Musk initiated cryptocurrency promotion on Twitter, Glauber Contessoto fully committed to Dogecoin.
He directed $250,000 from his savings and credit card into the investment, resulting in his holdings peaking at $3 million. Despite this significant increase, 35-year-old Contessoto, known for his unyielding resolve (“diamond hands”), chose not to liquidate his holdings.
Contessoto, self-identified as the “SlumDOGE Millionaire” and the operator of The Dogecoin Millionaire YouTube channel, openly expressed his disappointment on Twitter recently. Nonetheless, he maintains his faith in the cryptocurrency’s potential.
“DOGE will undoubtedly emerge as the currency on Twitter,” Contessoto stated to Decrypt. “I genuinely hold that belief.”
Perhaps the Las Vegas resident’s perspective has merit: Although DOGE was initially conceived as a joke, Twitter’s idiosyncratic new owner has frequently discussed—sometimes earnestly—how the original meme coin could evolve into the preferred cryptocurrency for transactions.
There are indications that Musk might be collaborating on its integration with Twitter, following reports earlier this year that the social media platform was developing a product designed to facilitate crypto payments.
“Utilizing it as a payment option on X would be logical,” he remarked, referring to Musk’s updated term for the platform.
Currently, however, the asset, ranked as the ninth largest cryptocurrency with a market capitalization of $9 billion, is predominantly speculative. Its price history has been highly influenced by Musk’s statements, causing significant fluctuations, and individuals often engage with the anticipation of swift financial gains.
Contessoto, even after witnessing the decline in his investment, falls into this category.
“I am certain that Doge will reach $1 during the forthcoming bullish period,” he affirmed.
![](https://sollcrypto.com/wp-content/uploads/2023/08/Screen-Shot-2023-08-24-at-7.05.29-AM.png)
“It’s important to remember that crypto markets follow a cyclical pattern,” he supplemented. “I entered into this with an awareness of this principle, but I misjudged the extent of the downward movement.”
For the future, he noted his intention to sell, though not necessarily all of his holdings. “As a part of the DOGE community, we consistently aimed for a dollar,” he continued. “I aim to encourage healthier practices within crypto, and profit-taking is one such practice—without facing criticism.”