An enthusiastic cryptocurrency trader reported to have been $ 2,000 in more than $ 43 million by investing in Memecoin Pepe in its peak appreciation, despite the intense volatility of the token and the lack of technical value.
Businessman made more than 4,700-folds back to investment in famous Pepe themed frog (Pepe) cryptocurrency, according to the blockchain intelligence platform lookonchain.
“This OG only spent $ 2,184 to buy a 1.5T $ Pepe ($ 43m in the climax) in the first phase. He sold 1.02T $ Pepe for $ 6.66m, left 493b $ Pepe ($ 3.64m), with a total revenue of $ 10.3M (4,718x), Writtenchain wrote on a March 29 x Post.
Source: Lookonchain
The businessman realizes more than $ 10 million income despite Pepe’s price falling to 74% from all times high $ 0.00002825, which he reached on December 9, 2024, Cointelegraph markets Pro Data displays.
Pepe/USD, all-time chart. Source: Cointelegraph Markets Pro
Memecoins are considered some of the most of the most -aware and renewal of digital assets, with the price -driven -driven action mainly through online enthusiasm and social sentiment rather than the basic utility or change.
However, they have proven that there is the ability to make life change. In May 2024, another early Pepe Investor has been $ 27 to $ 52 million -A 1.9 million-fold returns in onchain data.
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Memecoins stole spotlight from the altcoins
Despite their intrinsic lack of utility, Memecoins continued to steal the spotlight from more established cryptocurrencies, Stella Zlatareva, dispatch editor on the Digital Asset Investment Platform Nexo, told Cointelegraph:
“The high-beta, that is, volatile token, is stealing attention. Case in point, memecoins moved 5.6% to average, with Doge, Pepe, and Floki responding to the rate of cutting optimism and greater crypto strength.”
Top 100 cryptocurrencies, weekly performance. Source: Cryptobubbles
While Investor demand for Memecoins has grownIt can also be a siphoning capital from more established possessions. For example, Solana (Sol) has fallen more than 51% since Launch Official Trump (Trump) token in January, according to cointelegraph data.
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Memecoins “are not likely to draw on many external capital flows; instead of existing eco-system capital ’round-Robins’ from one meme to the next,” said Dan Hughes, founder of decentralized financial platform Radix, told cointelegraph, added:
“Even in Trump’s case, most of the incoming liquidity comes from other crypto ownership, people who sell their crypto portfolio to buy Trump in extreme Fomo (fear of losing).”
Sol/USDT, 1-day chart. Source: Cointelegraph/Tradingview
Insider scams and fraudulent activities took place the Memecoin industry, and US regulators noticed. On March 5, New York lawmakers introduced a bill aimed at protecting crypto investors from rug pulls and similar insider scams shortly after scandal around Libra’s (Libra) token, which Argentine president Javier Milei promotes.
https://www.youtube.com/watch?v=2Exstn1KRCU
Magazine: Memecoins are ded – but solana ‘100x better’ in spite of income plunge
