Benzinga | Jun 23, 2021 04:15PM EDT

Diamond Hands? Famed Dogecoin Investor Says Not Selling Despite Losing Millionaire Status

Famed Dogecoin (CRYPTO: DOGE) investor Glauber Contessoto has refused to sell his holdings in the meme cryptocurrency despite losing his millionaire status following the selloff in the cryptocurrency market earlier in the week.

What Happened Contessoto, who invested his life savings in Dogecoin earlier this year, told CNBC that while he is not currently a "dogecoin millionaire" on paper, he plans to hold the currency for more than a year.

"Whatever happens in the short-term doesn't matter to me because I'm looking to 'hodl' dogecoin for years to come. I'm truly not worried at the end of the day," Contessoto said.

See Also: How To Buy Dogecoin (DOGE) or How to Short Dogecoin

He added he would have been worried if apex cryptocurrency Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were also not hit.

Contessoto's Dogecoin holdings touched $2 million in May after the Shiba Inu-themed cryptocurrency hit an all-time high of almost 74 cents in early May. However, his portfolio was worth only $831,539 as of Tuesday evening following the bloodbath in the cryptocurrency market, as per the CNBC report.

See Also: Why Is Dogecoin In Such A Slumber Right Now?

Why It Matters: Dogecoin has shot to prominence this year, buoyed by endorsements from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and other celebrities. However, the meme cryptocurrency is down almost 71.5% from the all-time high of $0.7376 it touched in May.

Bitcoin and other cryptocurrencies plunged Monday after China's central bank warned financial institutions against dealing with cryptocurrency-related services. The cryptocurrency market is showing signs of a slight recovery as of Tuesday night.

Price Action: Dogecoin is up more than 7% during the last 24 hours, trading at $0.2162 at press time.

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