Contessoto invested USD 180,000 in Dogecoin when its price was around USD 0.045 but his investment increased by 870%. Investing in Dogecoin was extremely risky but he plans to continue doing so as he believes this will continue to grow.

In recent days, Glauber Contessoto told CNBC how he became a millionaire thanks to the meme cryptocurrency Dogecoin (DOGE). This crypto asset has resonated in the community almost as much as Bitcoin, or even more. The main reason for that is the promotion that Elon Musk has made on his social networks.

Unbelievably, DOGE has experienced an increase of about 4,600% so far in 2021 alone. Tesla CEO Elon Musk is the one who has primarily encouraged this growth by showing his support on social media.

Glauber Contessoto stated that he became a Dogecoin millionaire by investing USD 180,000 in Dogecoin. When he invested, the cryptocurrency was trading at around USD 0.045. Given that DOGE increased in value to USD 0.45, his investment experienced an 870% appreciation.

Reasons that Led Contessoto to Invest in DOGE

The millionaire explained to CNBC that Dogecoin particularly intrigued him mainly because of the Reddit crypto community and Elon Musk. Although the crypto investor’s case was a successful one, his investment was undoubtedly extremely risky.

Although Contessoto did not know whether Musk’s tweets in support of DOGE were serious, he took the risk. In that sense, he told the television channel that he believes that the man is a genius.

The investor used all of his savings and positions in assets such as Tesla and Uber stocks to invest in Dogecoin. In addition to that, he used the RobinHood margin.

It is public knowledge that the size of the risk margin is proportional to the potential profit or loss. In this way, Contessoto is one of the success stories that managed to increase his investment to more than USD 1 million.

Concerning the question of whether he will continue to risk losing everything, he told CNBC that he will. He plans to take 10% out once he reaches USD 10 million as he believes this will continue to grow.

Dogecoin Caused a Surprise for the Crypto Community

Because of its performance in the market, Dogecoin has steadily made headlines since January. In a few months, it has gone from being a curiosity to being one of the best-performing virtual currencies. It is gathering around it a huge community of crypto users who are betting on its future.

Elon Musk, the CEO of Tesla and SpaceX, bears much of the responsibility for this situation. He has used his Twitter account to constantly speak in favor of cryptocurrency. This has allowed him to boost the confidence of small investors gathering on social networks like Reddit.

When Dogecoin mania seemed to be declining, Coinbase went public and Elon Musk wrote a tweet. These two factors were enough to stir up a new speculative frenzy for DOGE. Its price went from USD 0.06 to USD 0.41 but it was not able to withstand its drop on Doge Day.

By Alexander Salazar

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