He piled into the digital asset after being impressed by Elon Musk, who as soon as known as the coin his favorite cryptocurrency.
Contessoto invested his life savings of $250,000 into the cryptocurrency when it was buying and selling at 45 cents in February, and turned a revenue of greater than $1 million in two months.
Regardless of constant fluctuations within the meme coin’s worth, Contessoto has been a loyal investor and hasn’t been swayed by the current sell-off in cryptocurrencies.
“Dogecoin is my financial savings account, we’ll see the way it all pans out,” he mentioned in a tweet. “It will both change the sport or be a prepare wreck, however till then I will take a rain examine.”
When dogecoin hit 17 cents per coin on July 17, he invested another $5,300. For the reason that coin has struggled to return to its earlier peak of about 70 cents, Contessoto’s holdings are actually valued close to $760,000, in line with a screenshot he posted to his YouTube channel. However his dedication to see dogecoin succeed seems to be unshakeable.
“Look over the graphs, look over time, take a look at the tendencies, take a look at the all time highs and the lows over time,” he tweeted.
At “The B Phrase” occasion on Wednesday, Elon Musk revealed that he owns dogecoin himself. However the billionaire Tesla boss owns “way more” of bitcoin.
Musk admitted that the dogecoin neighborhood is “considerably irreverent” and does not take itself too critically.
“Essentially the most ironic and entertaining final result can be that the cryptocurrency that was began as a joke to make enjoyable of cryptocurrencies finally ends up being the main cryptocurrency,” he mentioned.
Learn Extra: The world’s largest crypto asset manager is launching a decentralized finance index fund. Grayscale CEO Michael Sonnenshein told us why the firm is betting on DeFi amid surging demand from institutional investors.