33-year-old Glauber Contessoto became a Dogecoin millionaire after investing all of his life savings in the meme-inspired cryptocurrency earlier this year in February. It was around in April when the price of Dogecoin surged, that Contessoto had become a Dogecoin millionaire. Recently, he announced his plans to bet on the Cardano blockchain, and its native altcoin ADA, which was launched in 2017 and recently became the third-largest digital asset by market value, only behind Bitcoin and Ethereum.
Contessoto stated he had no intentions of selling his Dogecoin holdings. He only stated that his plans were to buy as much of Cardano as ‘humanely possible; with the savings, he was currently having. He added that he would wait until the price of ADA dips, and start investing, similar to how he did with Dogecoin.
As previously reported, Contessoto had invested his life savings into the meme coin in February, and after two months he became a Dogecoin millionaire right around the height of the meme coin’s peak of popularity. In a recent interview, the 33-year-old Dogecoin millionaire announced his plans to save up and invest in another cryptocurrency, revealed to be Cardano which has remained the third-largest digital asset in the industry only ranking behind Bitcoin and Ethereum.
According to a tweet made by Contessoto, he believes the next top five cryptocurrencies are Dogecoin, followed by Ethereum, Bitcoin, Cardano, and XRP. Contessoto stated that he preferred to buy Cardano first believing it was still early for the blockchain, and that ADA was the next best alternative bet to Ethereum.
Despite the risks, Contessoto remains bullish on Dogecoin and Cardano even if the latter has a long way to go before measuring up to Ethereum. Contessoto sees the Etehreum blockchain as a competitor since it was co-founded by Charles Hoskinson, who founded Cardano as well.
Numerous financial experts would advise against pouring all assets into one investment, especially when it comes to the crypto market. Due to the volatility, crypto assets are highly risky to invest in as a rule, many financial experts believe that altcoins pose a higher risk than normal crypto assets. According to Meltem Demirror, the chief strategy officer of CoinShares, risks can be measured in a variety of ways, but several digital assets are riskier than Bitcoin and Ethereum. It is entirely possible to lose all investment regardless of how carefully it was utilized.