Brazilian who became a millionaire investing in Dogecoin bets on the appreciation of another cryptocurrency

After transforming an investment of R$ 1.3 million in Dogecoin (DOGE) into R$ 9 million, Glauber Contessoto has already chosen the cryptocurrency that he believes has the greatest potential to further increase his fortune. It is the Cardano (ADA), as stated in a statement to CNBC.

In August, the cryptocurrency created by Ethereum co-founder Charles Hoskinson appreciated by 136% and took third place overall in the ranking of cryptocurrencies by total market capitalization value. Since the beginning of this year, Cardano has risen approximately 1,520%, from R$ 0.88 to R$ 14.71 in today’s quotation, according to data from Coindesk.

Daily graph of Cardano’s performance from January to August 2021. Source: Trading View.

The strategy that the trader intends to use is the same one that resulted in excellent results with Dogecion: “all in“. That is, to invest literally everything in ADA. The millionaire revealed that he intends to buy as much Cardano “as humanly possible with the money he can earn from now on”, but he has no plans to get rid of the DOGE he has accumulated.

However, Contessoto said he will wait for a possible fall in the currency to buy it at prices lower than current prices, a strategy he also used when investing in DOGE. “I will be Cardano’s biggest supporter,” the trader said, “I’m just waiting for a massive pullback to buy him.”

The “Doge’s millionaire” lost the high of the Ethereum (ETH), one of Cardano’s main competitors. While he believes the Ether will be among the top five cryptocurrencies in the future, he prefers to go all-in on ADA because he thinks Charles Hoskinson’s network is still in its early stages of development and its native token has plenty of room for appreciation .

In Contessoto’s opinion, in addition to rivals Cardano and Ethereum, the other currencies that will be among the top five in the near future are Bitcoin (BTC), XRP and, of course, DOGE.

As the Cointelegraph recently reported, analysts believe the introduction of a native language for creating smart contracts scheduled to go live in the Alonzo update, scheduled for Sept. 12, could serve as an additional boost to the ADA’s pricing.


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