In February 2021, the Dogecoin millionaire Glauber Contessoto decided to invest all of his life’s savings in Dogecoin. “It’s a joke coin, a meme, and It is going to crash,” said his concerned friends and family.
What is Dogecoin?
Dogecoin, a real digital coin that began as a joke in 2013. two programmers took the internet by storm because Cryptocurrency and Doge meme were the most happening thing on the interwebs. Put the Shiba Inu puppy was on a cryptocurrency, and the joke coin blew up.
Meet Glauber Contessoto, the Dogecoin millionaire
Contesoto, aged 33, works at a hip-hop media firm in Los Angeles is a thrill seeker who leaps into markets to chase risky bets. As a result, after reading about dogecoin’s rise on Reddit, Contessoto decided to test his luck. He maxed out all his credit cards, borrowed money from Robinhood, and spent all his other cryptocurrencies. Investing close to $250,000 in total, he waited as Dogecoin became an internet phenomenon. Going all in was probably the best thing since his holdings are worth almost $2 million today.
A true rags to riches story
To an onlooker, Contessoto might seem like a lucky gambler- college dropout without formal financial training. But, he is the poster boy for the new fad of hyper investing online. People apply skills to the digital attention economy and memes, online media, and the latest buzz is the new path to financial markets and Wall Street analysis. The young are not known to behave rationally in old-fashioned economic investments. Instead, choose investments based on the estimates of how futuristic, funny, or trending they are. “Memes are the language of the millennials; Now we’re going to have a meme matched with a currency,” said Contessoto.
A true rags to riches story because Contessoto is a first-generation immigrant with parents from Brazil. He vowed to become rich after struggles with money in his family. His love for hip hop led him to an entry-level job as a video editor and a side gig of booking gigs for upcoming rappers. He wants to save up for a house where he and his friends can live and make music.