Benzinga | Dec 22, 2021 09:27AM EST

The Dogecoin Millionaire Finds A New Memecoin Gem, Says Its 'Marketing Is The Greatest'

Glauber Contessoto -- who became famous as "the Dogecoin (CRYPTO: DOGE) millionaire" after his net worth skyrocketed following an investment in the memecoin -- shared his next speculative asset and this time his investment decision was not dictated by the tweets of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk.

What Happened: Contessoto told crypto data service CoinStats about his second-heaviest bag and the reason for his choice in an interview shared with Benzinga.

He explained that he invested about $250,000 in Dogecoin after Musk endorsed the cryptocurrency, this followed Contessoto's disappointment in the stock market when the GameStop Corp. (NYSE:GME) stock dropped 88.29% from an all-time high of $347.51 to $40.69 in about three weeks in February.

"Understanding what happened with it [GameStop] and how unfair I felt the stock market really was, I looked into crypto and realized this was an alternative way of investing my money," he said.

See Also: IS FLOKI INU A GOOD INVESTMENT?

Contessoto then sold all his Tesla and Gamestop stock and invested a total of about $250,000 in Dogecoin by using Robinhood Markets Inc's (NASDAQ:HOOD) margin investing feature which purportedly made him a millionaire in just 69 days.

Now his 4.3 million DOGE are worth only about $741,851.38, but he still refuses to sell any of his coins and instead has begun investing in other projects with much lower market caps.

Since Contessoto's investment decisions are largely dictated by social trends and his second-heaviest bag is now Floki Inu (CRYPTO: FLOKI), a coin that is known for its over-the-top marketing campaigns. He holds over 822 million FLOKI -- worth over $100,000 as of press time -- and believes that its "marketing is the greatest I've seen in the crypto space."

Now he expects that Dogecoin combined with Floki Inu, which is named after Elon Musk's dog, can help him retire at 35 with $10 million and that "[he] will be happy."

Whether this will happen or not, it already worked out for him since he is making six times as much with his social media presence -- of over 177,000 followers on Twitter and 107,000 on YouTube -- compared to what he earned at the hip hop music company where he previously worked.

Related Link: Elon Musk Tweets About Dogecoin But Meme Coin's Price Refuses To Budge: What's Going On?