Glauber Contessoto says that he invested over $250,000 in dogecoin on Feb. 5 with a belief that he'd become a millionaire — and on April 15, he

'Up until yesterday, I had been a millionaire': This 33-year-old dogecoin investor refuses to sell despite losing over $167,000 in one day

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2021-06-23 21:30:04

Glauber Contessoto says that he invested over $250,000 in dogecoin on Feb. 5 with a belief that he'd become a millionaire — and on April 15, he did.

But on Monday, the top cryptocurrencies by market value — including bitcoin, ether and dogecoin — started to crash following news of a crackdown in China, CNBC reported.

With losses extending on Tuesday, Contessoto's portfolio, which contains only dogecoin, was hit. His holdings are down over $167,000 on Tuesday alone, he tells CNBC Make It, and his portfolio was worth $831,538.88 as of Tuesday at 4:40 p.m. EST, he says.

"Up until yesterday, I had been a millionaire," Contessoto, 33, says. "If bitcoin and ethereum weren't also [hit], I'd be worried."

Four months ago, when he bought in, dogecoin was priced at about 4.5 cents. On May 8, the meme-inspired cryptocurrency, which was created as a joke in 2013 based on the "Doge" meme of a shiba inu dog, hit an all-time high of about 73 cents, and the value of Contessoto's holdings surpassed $2 million.

After its surge, dogecoin's price continued to fluctuate, but Contessoto remained confident in holding for the long-term — he even bought more dogecoin during the dips. Even now, he refuses to sell.