How harsh can it be watching your portfolio turn from millions to thousands?
Many have changed their financial status from an average income earner to an overnight millionaire. However, failure to take profit as at when due has seen many gains go up in the wind.
That is the story of Glauber Contessoto, an employee of a Los Angeles-based music firm who, after making millions of dollars in paper profit trading, Dogecoin (DOGE) lost a significant amount of his profit.
His Dogecoin Investment Journey
Contessoto disclosed that he became a Dogecoin enthusiast after joining the cryptocurrency’s Reddit community. His love for Dogecoin grew stronger following comments made by Elon Musk, Tesla’s CEO and founder, about supporting the popular dog-themed cryptocurrency.
Excited about the massive promotion Dogecoin was getting last year from the public, Contessoto indicated an interest in investing in the token.
Despite warnings from his family and friends about how risky investing in Dogecoin could be, he proceeded with his investment decision. He invested $180,000 into the project when a unit was sold for around 4.5 cents in April 2021.
Glauber Contessoto said that he became a dogecoin millionaire on April 15, 2021.
“I stayed up all night time taking a look at my display,” Contessoto, 33, once told CNBC.
After watching Dogecoin on Reddit, Contessoto s decided on February 5, 2021, to invest greater than $180,000 in dogecoin, when dogecoin was about 4.5 cents.
Contessoto never doubted DOgecoin, and as a result, his funding in dogecoin had grown to greater than $1 million.
Contessoto’s investment decision was heavily rewarded a month later when Dogecoin peaked at $0.73 in May, and his portfolio surged to $2,912,561 (2.9M).
Still Bullish on Dogecoin
His loved ones urged him to take a part of his profit, but he declined, stating that he would only take a 10% profit when his portfolio increases to $10 million.
Unfortunately, things did not go as planned for the trader, as his Dogecoin value dropped to $1,820,320 (1.8M) three days later.
While firmly believing in the popular crypto saying that “you’ve never lost money in crypto until you sell,” Contessoto refused to sell, hoping that the value of his Dogecoin would surge back to how it was on May 7, 2021.
However, his investment continued to decline, and in November 2021, the value of his holding was worth $1,067,749 ($1M).
Still patient, he held on, but the significant dip that has rocked the market since the beginning of the year pushed the value of his holding down to $665,678 ($665K).
Although Contessoto’s initial investment is still up by over 300%, he could have made tremendous gains if he had taken advantage of the DOGE surge and taken profit at the time.