'Dogecoin Millionaire' Regains Title After DOGE Pump—And This Time, He's Promoting – Decrypt

It’s been a wild journey for the “Dogecoin Millionaire” over the previous couple of years as his internet value touched $3 million after which fell to the lots of of 1000’s. However with the main meme coin surging to a value level unseen since 2021, he’s reclaimed the title.

Glauber Contessoto spent his life financial savings and loaded up bank cards to purchase $180,000 value 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 unique transfer this time round.

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

“All the pieces 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, residing in a humble flat and driving a notoriously beat-up Toyota. Throughout this era, he documented his journey on YouTube, displaying 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 bought 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—but it surely 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 can 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 whole 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 crammed with individuals taking “stabs” at him for the $3 million fumble, he believes in the long term that it was finally the “good” factor to do. It’s because the “Dogecoin Millionaire” nickname served as a platform to turn out to be 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 house in Las Vegas. 

“That was my aim initially anyway, as a result of I felt like I may create a reputation model from your complete 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 your complete journey.”

However this too hasn’t come with out its downsides. Many Crypto Twitter influencers take funds from tasks in change 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 undertaking dumped 600 ETH on the holders. Safety agency CertiK outlined this as an “exit rip-off.” Contessoto deflected blame for his position in selling tasks that go awry.

“ZachXBT all the time talks about, ‘That you must do your due diligence earlier than you’re employed with these tasks,’” Contessoto defined. “I will do as a lot analysis as I can presumably 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 occurring anyway?”

Such influencer-driven token scams stay widespread. In October, a Solana meme coin known as Sharpei soared to a market cap of $54 million in below an hour due to promotion from outstanding 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 large tasks and influencers as official companions, which helped onboard others who promoted the “rug pull.”

When contemplating tasks to advertise, Contessoto claims to verify if a token’s liquidity is locked, study the tokenomics of a undertaking and the token provide, analysis the individuals behind the coin, and ask different individuals within the house to vouch for them. However finally, he mentioned, influencers will be fooled identical to common merchants. 

“So long as you’re not pumping and dumping, I’ve by no means as soon as known as a undertaking after which two seconds later dumped my entire bag,” he mentioned. “I’ve a great conscience on me. I work with tasks I believe are legit, and I attempt to maneuver by this house as finest as I can.”

Edited by Andrew Hayward