Benzinga - Las Vegas resident Glauber Contessoto, famously known as the “Dogecoin (CRYPTO: DOGE) Millionaire,” watched his fortune take a drastic plunge from $3 million to as low as $50,000.
What Happened: Contessoto, who had invested his entire savings and went into credit card debt, had put $250,000 into Dogecoin in 2021, a cryptocurrency originally created as a joke.
The 33-year-old investor made headlines when his Dogecoin holdings reached $2 million, claiming to be the “first Dogecoin millionaire of 2021.”
Unfortunately for Contessoto, Dogecoin’s price experienced a sharp decline, dropping over 90% from its all-time high of $0.73 in May to $0.0637 (at the time of wriitng). This caused the value of his holdings to decrease significantly, leading to a remaining balance of around $50,000.
I used to have $3 Million in #DogecoinNow it's $50,000
What happened?