Los Angeles-based Glauber Contessoto, who works in a music company, refused to sell his investment in dogecoin despite losing $167,000 in one day. Many dogecoin co-investors are now calling the 33-year-old a “legend”.

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Contessoto became a millionaire on April 15, 2021, 69 days after investing his life savings – over $250,000 in dogecoin in February.

However, dogecoin’s crash on June 22 led to Contessoto’s portfolio going down by over $167,000 and his net worth to $831,538.88.

But Contessoto decided to “HODL” — or “hold on for dear life” in crypto community lingo — his dogecoin investment.

The top cryptocurrencies by market value — including Bitcoin, Ether, and Dogecoin — started to crash on June 22, following news of a crackdown in China, CNBC reported. A series of recent steps taken by China greatly impacted the entire cryptocurrency market.

Contessoto’s holdings were valued at $2 million on May 8 after dogecoin hit an all-time high of 73 cents after he had bought at a price of about 4.5 cents on February 5.

Contessoto claimed that he was okay with not being a millionaire anymore but he would have been worried if other cryptocurrencies such as bitcoin and ether hadn’t fallen too.

Contessoto remains bullish on holding dogecoin for the long-term and adds that he invested more in dogecoin during the dips amidst price fluctuations.

Initially, Contessoto planned to hold on to dogecoin investments for at least one year but now he wants to stay invested for longer.

Once his portfolio reaches a $10 million value, Contessoto says that he will sell 10 percent of his dogecoin holdings but retain the rest.

Experts point out investors should be cautious when investing in dogecoin as it lacks the technological development that bitcoin brought to the table.

The meme currency dogecoin (DOGE), the Shiba Inu-themed cryptocurrency, started as a joke in 2013 before becoming a phenomenon in the digital cryptocurrency space. By 2014, it became the fifth-largest cryptocurrency in the world.

At present, dogecoin has a market value of over $24 billion and is trading at around 19 cents, according to CoinMarketCap.

The rise of Dogecoin since the beginning of 2021 has attracted a lot of attention thanks in part to its biggest unofficial influencer Elon Musk who calls himself "Dogefather".

The Supreme Court of India legitimised the usage of crypto in the country last year. The court observed that the existence of crypto is unregulated, but not illegal.