Glauber Contessoto, a resident of Los Angeles, claimed in April that he became a Dogecoin millionaire in “just 69 days” had refused to sell his dogecoin his holdings despite losing his millions during the crypto market crash in May this year, says that he continues to hold every single coin he has bought and does not have any intension to sell them. Contessoto said he sees the Dogecoin price doubling in the next two months to “around 50 cents”.
Dogecoin’s greatest asset is its branding and the cryptocurrency does exactly what it was created for – buy and sell things. The low value of Dogecoin makes it less likely a choice to store value or hoard. People readily accept it as a medium of exchange and spend it on buying goods and services, while Bitcoin and Ether are primarily seen as a store of value. Said In an Interview with Benzinga.
Contessoto said he doesn’t know technical analysis; instead, he understands “market sentiment and pop culture shifts. He said his Dogecoin investment is largely influenced by the idea that the economy is now more dependent on social media trends and influencer marketing.
When the market crashed in May, Contessoto had urged the Dogecoin community to unite and not liquidate their investments. He had said he invested his life savings — about $1,80,000 — in Dogecoin when its price was about $0.045 in February. By the end of April, his initial investment had grown to almost $2million .
In July, Contessoto said he brought more Dogecoins worth $5300.
According to the Benzinga Contessoto feels Dogecoin will “be every newcomers’ bridge” into cryptocurrency in the years to come. He also said that he held 4,206,969 DOGE — worth more than $987,000.