Millions With DOGE? Glauber Contessoto’s Investment Experience

When and how much did Contessoto invest? Why did he choose Dogecoin, and how has his investment performed since? We’ll answer these questions further in the article.

Going All in on Dogecoin: How Glauber Contessoto Decided to Invest in DOGE 

37-year-old Glauber Contessoto (as of 2024) made his first Dogecoin investment in 2021. Apart from being an investor, he’s into hip-hop, going by the nickname Jaysn Prolifiq. Contessoto makes videos for different hip-hop magazines and does artist discovery and music management. 

In April 2021 he made a post on Reddit that went viral. 

It was a short one, saying: 

Hey guys I just became a Dogecoin millionaire.

Glauber Contessoto’s Reddit post about becoming a Dogecoin millionaire. Source: Reddit

Replying to comments, Contessoto said he bought about 5 million Dogecoins on February 5, 2021, at about 4.5 cents ($0.045). On April 15, 69 days after the purchase, his investment turned over $1 million.

Overall, Contessoto spent $250,000 to buy DOGE. To make the investment, he took money from his bank accounts and borrowed additionally through Robinhood’s margin trading feature.

The millionaire dropped a YouTube video titled “Top 5 Reasons Why I Bought 5,000,000 Dogecoins,” sharing the factors that led him to the purchase. 

First, ProTheDoge learned about Dogecoin from the Wall Street Bets forum on Reddit and found out that it has a large community. The Dogecoin community has come together for different goals. For example, in 2014, they raised $55,000 to sponsor driver Josh Wise to compete in NASCAR.

Next, Contessoto liked the concept of the coin, as, according to him, memes are funny and bring people together around joy. He found Dogecoin interesting as the first currency based on a meme, and being different from other cryptos.

Contessoto mentioned that the coin is recognizable, which made it mainstream.Another reason why the investor chose DOGE is its goal to hit $1. This gets more people to buy, which drives the price, he said.

The fourth reason Contessoto invested in Dogecoin is that it can be an opportunity for generational wealth and be used in retail.

Finally, ProTheDoge put his life savings in DOGE, driven by Elon Musk’s posts about Dogecoin on X.

Becoming a millionaire, Contessoto said he wasn’t going to sell any of his coins for one year. 

But was that the right decision?

How Did Contessoto’s Dogecoin Investment Go? 

ProTheDoge’s status as a millionaire has not always been steady since April 2021. The reason, as you probably have guessed, is Dogecoin’s price fluctuations.

The Dogecoin investor refused to sell his assets at the all-time high of $0.73 on May 8, 2021, when the value of his holdings surpassed $2 million. DOGE has not surpassed that mark to this day.

On May 13, the crypto market, along with Dogecoin, saw a sharp decline after Tesla founder Elon Musk announced that the company would no longer accept Bitcoin for payments due to environmental concerns associated with mining.

Dogecoin’s price fell by 20% at that point, dipping below $0.40. Despite this, ProTheDoge remained optimistic. He spent $17,500 to buy more DOGE at $0.47.

By mid-June, however, the price had dropped closer to $0.20 or even lower at certain points. Contessoto announced that he had lost over $167,000 in one day, and his portfolio was worth $831,538. In an interview with CNBC, he said: “Up until yesterday, I had been a millionaire.”

The investor didn’t sell any of his Dogecoins, believing that long-term holding would guarantee profits. However, as we've seen, this strategy doesn’t always work out the best.

In August 2024, Contessoto admitted that not selling was a mistake, leading to a loss of around $9 million.

Now, Contessoto has diversified his investments into different cryptocurrencies. After spending several years in the industry, he shared that he had learned a lot.

In addition to his initial DOGE investment, he expanded his portfolio to include altcoins such as Avalanche (AVAX), Ethereum (ETH), Solana (SOL), and Cardano (ADA).

During the ongoing 2024 bull run, Dogecoin's price has risen, trading at around $0.45. This means Contessoto is once again a millionaire, with his fortune surpassing $2 million.

The investor told Fortune Crypto that this time he’s going to sell a portion of his coins, although he remains confident in Dogecoin’s future.

According to a screenshot shared by Contessoto, his portfolio at the time held more than 5 million DOGE.

Contessoto’s portfolio held over $2M in DOGE at the end of November 2024. Source: Fortune Crypto

Talking about his experience in crypto, the investor said: 

Dogecoin, to me, was always a convincing play… Once I dove into cryptocurrency, bitcoin, blockchain technology, and ultimately Doge, I was like, wow, this is a technology that’s not only here to stay, it’s going to thrive in the future.

What Else We Know About Glauber Contessoto?

For his successful Dogecoin investment, Contessoto became the center of attention for major newsletters. In 2021, he appeared on the cover of The New York Times.

The Dogecoin millionaire is from Brazil and moved to the US with his parents at the age of six. Growing up in suburban Maryland, he witnessed his family’s financial struggles and decided he wanted to become rich.

Contessoto’s mother cleaned houses, and his father was an opera singer.

As a teenager, he discovered hip-hop music. After leaving school in 2015, Contessoto moved to LA, where he worked as a video editor while also booking gigs for rising rap artists.

Contessoto didn’t make much money at his job but always had the mindset to aim for more. In 2019, his salary increased from $36,000 to $60,000 a year, and he began looking for investment opportunities.

Initially considering stocks from companies like Tesla and GameStop, Contessoto then discovered Dogecoin. Despite skepticism from friends and family, Contessoto’s investment paid off, making his story widely known.

The Dogecoin millionaire is active on social media, sharing market updates and his views on different assets. His display name on X (formerly Twitter) is SlumDOGE Millionaire, where he has more than 367,000 followers.

There’s also a documentary about Contessoto titled This Is Not Financial Advice. The story illustrates that while it might be easy to get rich online, losing money can happen even faster.

Is Dogecoin a Good Investment?

Dogecoin is a bit of an anomaly in the investment world. It started as a joke – a meme coin on December 6, 2013, by software engineers Billy Markus and Jackson Palmer based on the popular “Doge” meme featuring a Shiba Inu dog. DOGE quickly gained traction within internet communities. 

Despite its origins as a joke, Dogecoin has become one of the more recognized cryptocurrencies, particularly for its loyal community and use in tipping and charity initiatives.

Dogecoin has experienced significant rallies, particularly driven by social media attention and endorsements from figures like Elon Musk. This has attracted a lot of interest, but it’s important to note that Dogecoin's price movements are often influenced by these external factors rather than utility. So, while it has its moments of hype, Dogecoin's value can be unpredictable. 

If you're considering DOGE as a long-term investment, it’s worth weighing these factors carefully.

The volatility is a double-edged sword. If you're lucky and time it right, you can make a quick profit. But if you're in it for the long haul, you're taking a bigger risk.

Among the pros of investing in Dogecoin are its low entry cost and broad market interest. Due to the relatively affordable price per coin, you can purchase large quantities without having to commit large sums. This affordability contributes to Dogecoin's attractiveness, particularly for those just beginning to explore cryptocurrency investment.

As of December 2024, Dogecoin continues to be the largest meme coin with a market cap of over $65 billion. Other popular meme coins include Shiba Inu (SHIB), Pepe (PEPE), Dogwihat (WIF), and Bonk (BONK).

Looking ahead, Dogecoin’s price will likely be influenced by broader trends in the cryptocurrency market, regulatory developments, and technological advancements. 

As the crypto market matures, it’s possible that DOGE will either solidify its place as a niche asset or give way to newer projects.

How Dogecoin Price Changed Over the Years 

2013–2017: The Early Days

Initially launched at a price near $0.00026, Dogecoin saw modest gains in its early years. By January 2014, DOGE reached $0.0018 during its first rally, driven by its popularity for online tipping and community events. However, its price generally hovered below $0.001 for much of this period, reflecting its niche use case and meme appeal.

2017–2018: The First Crypto Boom

In 2017, Dogecoin participated in the broader crypto market rally, reaching a peak of $0.017 in January 2018. This surge coincided with Bitcoin's historic rise to $20,000. Despite its increase, Dogecoin remained a relatively small player in the crypto market, and its price declined sharply after the bubble burst, trading under $0.002 by late 2018.

2019–2020: Stability and Growth

During this time, DOGE saw minimal price movement, trading between $0.002 and $0.004. It maintained steady popularity for tipping and charitable causes. Elon Musk’s occasional tweets about Dogecoin during this period began drawing more attention to the asset, setting the stage for future growth.

2021: The Year of the Meme

2021 marked a breakthrough for Dogecoin. Driven by a frenzy of social media activity, endorsements from Elon Musk, and the overall market boom, DOGE skyrocketed. By May 8, 2021, it reached an all-time high of $0.73, coinciding with Musk's Saturday Night Live appearance. The coin's price movement reflected speculative hype, as it lacked significant technical advancements or institutional adoption.

2022–2023: Post-Hype Decline

Following its peak, Dogecoin's price began to drop, reflecting broader crypto market trends and waning speculative interest. By mid-2022, DOGE was trading around $0.06–$0.08. Despite its reduced value, Dogecoin remained a top cryptocurrency, supported by its dedicated community and occasional high-profile mentions.

2024: Bull Market Revival

In the current bull market, Dogecoin's price has rebounded to approximately $0.45 as of December 2024, representing renewed investor interest. While it hasn't returned to its previous all-time high, DOGE continues to be a leading cryptocurrency, capitalizing on its widespread appeal and reputation as the first “meme coin.”

FAQ

1. How Did Glauber Contessoto Become a Millionaire? 

Glauber Contessoto, also known as ProTheDoge, became a millionaire by investing $250,000 in Dogecoin on February 5, 2021, when the price was about $0.045. He purchased 5 million DOGE coins and saw his investment exceed $1 million by mid-April 2021. 

2. Is ProTheDoge a Millionaire in 2024? 

Yes, Glauber Contessoto is a millionaire in 2024. Despite significant losses during previous market downturns, the ongoing crypto bull market and Dogecoin's price recovery have brought his portfolio value back to over $2 million.

3. Where Is Glauber Contessoto From? 

Glauber Contessoto is originally from Brazil. He moved to the United States with his family at the age of 6 and grew up in suburban Maryland before relocating to Los Angeles as an adult.

4. Is Dogecoin a Good Investment? 

Well, it really depends on what you're looking for. If you're into high-risk, high-reward moves, it might be worth a shot, especially if you're okay with big swings in price. Dogecoin is popular, with a strong community and a lot of buzz around it, thanks to memes and people like Elon Musk hyping it up. But, keep in mind that it doesn’t have much real-world use compared to other coins like Bitcoin or Ethereum, so it's mostly driven by hype and market sentiment.

Header image source: X @SlumDOGE Millionaire