Is the ‘Dogecoin Millionaire’ on the DOGE Rich List and Who is He?
Glauber Contessoto, also known as the “Dogecoin Millionaire”, invested his life savings of $250,000 into Dogecoin in February 2021 when it was trading at $0.045. Just two months after his initial investment, he was sitting on more than $1 million. His account grew to a peak of $3 million, at which point he quit his job to work on his YouTube channel. Contessoto held onto his DOGE as the meme coin plummeted from its all-time high of $0.74 in May 2021 to $0.074 in March 2023. Contessoto is reportedly waiting to sell it all once Dogecoin hits $1, which has yet to happen. Nowadays, Dogecoin remains Contessoto’s “Plan A”, “Plan B”, and “Plan C”.
Despite his impressive success with Dogecoin, Contessoto is not one of the richest Dogecoin holders. According to blockchain data, at the time of writing, there are 590 Dogecoin addresses that contain at least $1,000,000 worth of DOGE. Interestingly, the largest number of addresses holds 1 to 10 DOGE, with more than 1.1 million individual addresses. Most of Dogecoin’s 132 billion token supply is concentrated among the richest holders, with just 5.8% of top addresses controlling over 98% of the entire supply.
Dogecoin could create a lot of new millionaires if it repeats its 2021 run. For instance, the Dogecoin price prediction algorithm forecasts the price of DOGE to increase by +1,230% and hit $0.99 next year. It will be interesting to see whether Contessoto will sell if the price of Dogecoin were to reach that price level or whether he will remain strong and wait for the $1 mark out of principle.