‘Dogecoin Millionaire’ Regains Title After DOGE Pump—And This Time, He’s Selling

Glauber Contessoto spent his life financial savings and loaded up bank cards to purchase $180,000 price of Dogecoin in late 2020 and early 2021. The next 12 months, his stash shot up in worth to $3 million—however he didn’t promote.

Within the months following, his fortunes fell to $200,000 and Dogecoin misplaced momentum. For years, he mentioned he has been tormented for this fumble, sticking to his convictions amid the downward market strikes. However now the title is legit once more, and Contessoto is weighing a special transfer this time round.

Contessoto, higher often called ProTheDoge, reclaimed his standing because the ”Dogecoin Millionaire” final week because the coin surpassed a value of $0.20. Over the subsequent few days, because the meme coin continued to soar above $0.40, his holdings peaked at a price of simply over $2.1 million.

“All the things I mentioned would occur is going on. It undoubtedly feels good,” Contessoto advised Decrypt. “I can by no means duplicate the sensation of the primary time turning into a millionaire from having nothing, however this is sort of a actually good sequel.”

When he first grew to become a Dogecoin millionaire, Contessoto was working a full-time job, dwelling in a humble flat and driving a notoriously beat-up Toyota. Throughout this era, he documented his journey on YouTube, exhibiting his holdings on the finish of each video.

“I had lots of people that purchased in due to me. And I felt an obligation to them to not promote,” Contessoto advised Decrypt. “When issues took a downturn, Dogecoin went proper again down—and I had misplaced a lot cash, I had lots of people activate me.”

He mentioned that on daily basis he logged onto social media, following the autumn of DOGE, he would see streams of hate from individuals who claimed to have misplaced cash due to him.

In the course of the lowest interval, as DOGE offered for simply $0.055, he claims that his holdings sat at round $200,000. At this second, he questioned what he was doing this all for together with his finger hovering over the promote button. He clicked a button—however it was to purchase one other 1.3 million DOGE, which he claims price him roughly $71,500 on the time.

Now that these darkish days are behind him, he says that he shall be promoting—however not the entire stash.

“I am undoubtedly going to promote this time round. One lesson I clearly realized was to take earnings,” he advised Decrypt. “Am I going to promote my complete bag of Dogecoin? Most likely not.”

Contessoto mentioned that he’s devising an exit technique by consulting extra skilled merchants than himself. Broadly talking, he mentioned that he’ll begin slowly taking cash out of the meme coin when he believes that Bitcoin is beginning to attain its peak.

Whereas the final three years have been stuffed with folks taking “stabs” at him for the $3 million fumble, he believes in the long term that it was in the end the “good” factor to do. It is because the “Dogecoin Millionaire” nickname served as a platform to develop into a crypto influencer.

He now has 115,000 YouTube subscribers and over 350,000 Twitter followers, an viewers that he didn’t have earlier than this saga. In a documentary that adopted his journey known as “That is Not Monetary Recommendation,” he claimed to have made $690,000 in sponsorship offers by its June 2023 launch date. He had additionally moved into a greater residence in Las Vegas.

“That was my aim initially anyway, as a result of I felt like I may create a reputation model from all the factor,” Contessoto defined. “I used to be doing YouTube movies each single day. I used to be doing commercials for merchandise, I used to be doing commercials, I used to be promoting merchandise […] I used to be simply principally monetizing all the journey.”

However this too hasn’t come with out its downsides. Many Crypto Twitter influencers take funds from initiatives in alternate for social media promotion—a transfer that has landed Contessoto within the crosshairs of crypto detectives.

Famous on-chain sleuth ZachXBT has highlighted a number of the Dogecoin Millionaire’s earlier promotions of alleged “rug pulls.” This contains Safereum, a token that plummeted almost 95% because the crew behind the challenge dumped 600 ETH on the holders. Safety agency CertiK outlined this as an “exit rip-off.” Contessoto deflected blame for his function in selling initiatives that go awry.

“ZachXBT at all times talks about, ‘It’s worthwhile to do your due diligence earlier than you’re employed with these initiatives,’” Contessoto defined. “I am going to do as a lot analysis as I can probably do. However I am not some detective, sleuth, tech man. What am I going to do? Sit there for hours and hours, attempt to ensure it is legit, after which one thing finally ends up taking place anyway?”

Such influencer-driven token scams stay frequent. In October, a Solana meme coin known as Sharpei soared to a market cap of $54 million in underneath an hour because of promotion from distinguished crypto influencers; Contessoto was not amongst them.

Quickly after, the token dramatically collapsed in value in a matter of seconds as insiders collectively cashed out amid controversy. A part of this scheme included a pitch deck that named massive initiatives and influencers as official companions, which helped onboard others who promoted the “rug pull.”

When contemplating initiatives to advertise, Contessoto claims to examine if a token’s liquidity is locked, look at the tokenomics of a challenge and the token provide, analysis the folks behind the coin, and ask different folks within the area to vouch for them. However in the end, he mentioned, influencers may be fooled similar to common merchants.

“So long as you’re not pumping and dumping, I’ve by no means as soon as known as a challenge after which two seconds later dumped my complete bag,” he mentioned. “I’ve a superb conscience on me. I work with initiatives I believe are respectable, and I attempt to maneuver by this area as finest as I can.”

Edited by Andrew Hayward