- Glauber Contessoto became a millionaire from doge but lost his status when the crypto plunged.
- He’s still HODLing and even adding to his position because he believes doge’s price will recover.
- He shares three developments that may cause it to spike to $1.
- See more stories on Insider’s business page.
Glauber Contessoto became a millionaire in April after investing in dogecoin two months prior.
But his wealth status isn’t ingrained in gold: In fact, it’s as volatile as the crypto market. He previously told Insider that when doge drops below $0.25, he loses his millionaire status.
But he’s still bullish on the meme coin to the point that he’s quit his job as a YouTube content manager at a hip-hop media company to focus full-time on becoming his own content creator, making videos mostly about doge.
The token’s price has taken a hit along with the rest of the crypto market, plunging by over 67% from its all-time high in May and below Contessoto’s watermark of $0.25. But the one-time dogecoin millionaire is betting his life savings on it going back up to previous highs and even hitting $1.
3 catalysts for doge to $1
He shared with Insider the three catalysts he thinks could drive doge to $1, about 355% above where it traded on Friday.
The first serious move could come from Robinhood opening its wallets and allowing investors to get their crypto off the platform, Contessoto said.
It is a reality that’s not far from happening. Robinhood CEO Vlad Tenev recently tweeted the brokerage was working on crypto deposits and withdrawals in response to the billionaire investor Mark Cuban’s tweet, which had also noted that the biggest factor standing in the way of dogecoin was people’s ability to use the token for purchases.
Currently, Robinhood users can buy and sell cryptocurrencies. But withdrawals or movement of crypto across other platforms or onto a crypto wallet aren’t yet possible, and that move is required to enable payments.
Contessoto believes that once the floodgates are open, Robinhood would need to incentivize investors to keep their tokens on the platform. And he thinks this will be in the form of an interest-yielding savings account.
“People buying and selling doge on Robinhood is a huge portion of their revenue,” Contessoto said. “And so they have every interest in making sure that doge is successful and continues to grow in the near future, and further along.”
Trading dogecoin generated nearly $30 million in revenue for Robinhood in the first quarter of 2021 and made up 34% of its cryptocurrency transaction-based revenue, according to its recent S-1 IPO filing.
The second catalyst Contessoto believes would drive the meme coin’s price up would be an ethereum-to-dogecoin bridge.
“That means that we’re basically borrowing ethereum’s network to be able to move dogecoin around, whether we’re trading, buying, or selling,” Contessoto said.
Although there are no formally known plans in place, Vitalik Buterin, a cofounder of Ethereum, revealed that he is open to a collaboration with dogecoin in a recent three-hour interview on the AI researcher Lex Fridman’s podcast.
Buterin said a link that bridges the two would allow people to trade doge thousands of times a second inside a loop ring, a concept he thinks would be “amazing”.
Finally, Contessoto is optimistic about a series of tweets from Tesla CEO Elon Musk asking users if they want the company to accept doge.
Previous tweets from Musk about potentially accepting the token as a form of payment for Tesla sent the meme coin’s price up by as much as 30% in the past.
In May, Musk’s SpaceX accepted dogecoin as payment to include a mini space-exploration satellite as part of its space mission to the moon in 2022, going as far as calling the project, “DOGE-1 to the Moon”.
But Musk’s influence over the crypto market, specifically bitcoin and doge, has been fading after a series of tweets caused price volatility. Critics such as the renowned economist Nouriel Roubini have said he should be investigated for “market manipulation.” More recent tweets have had less impact on price action.