'Doge is my savings account': This 33-year-old is no longer a 'dogecoin millionaire'–but he's still buying the dips (2024)

The top cryptocurrencies by market value, including bitcoin and ether, are plunging on Tuesday amid a sell-off. Among those is meme-inspired cryptocurrency dogecoin, which is down about 77% since its all-time high of nearly 74 cents in May.

But investor Glauber Contessoto, whose dogecoin holdings previously surpassed a value of $1 million, isn't worried.

"You just gotta zoom out and chill," Contessoto, 33, told CNBC Make It. Though he isn't a financial expert, he's optimistic that dogecoin has already hit bottom. The coin hit 16 cents Tuesday morning before inching up to 17 cents.

Between hissavings and borrowed funds, Contessoto said, heinvested over $250,000 in dogecoinon Feb. 5 when it was priced at about 4.5 cents. About two months later, on April 15, he said, hebecame a dogecoin millionaireon paper.

Since then, Contessoto hasrefused to sell, despite dogecoin'sups and downs. Even in May, when the value of his holdings surpassed $2 million, he still didn't budge. Now, with dogecoin trading around 17 cents, he continues to buy the dip.

"I can't pass up a good bargain," Contessoto said. Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said.

"Doge is my savings account," he said.

As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09.

However, financial experts are highlyskeptical of dogecoin, as well as other cryptocurrencies. Their extreme volatility is one reason experts say that crypto is a risky, speculative investment.

Somewarn investors to be especially cautious when investing in dogecoinin particular, since itlacks the scarcity and technological developmentthat bitcoin has, for example. Investorscould get burned, so they should invest only what they can afford to lose.

"You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor,previously toldCNBC Make It. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up."

Contessoto himself also tells his followers not to invest more than they could afford to lose.

Nonetheless, Contessoto's plan remains the same: "Once I hit $10 million, then I'll take out 10%."

"I had a game plan in mind going into this purchase, and I wouldn't feel right always telling people to 'buy and hold' and as soon as I hit $3 million, cash out and leaving everyone else hanging," he said. "Until I reach my goal, I'll continue to buy, hold and 'diamond hand' it."

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