Meme coins, which have no real value, have created many new millionaires among crypto investors. According to blockchain analytics firm Lookonchain, a crypto trader turned $27 into $52 million with a meme coin investment. Here’s how this extraordinary profit was made!
Lookonchain: This trader made an incredible profit!
The crypto world is full of interesting profit and loss stories. Crypto intelligence firm Lookonchain has revealed that an anonymous Pepe trader made a huge profit. According to Lookonchain’s data, a PEPE whale, who had been inactive for 600 days, transferred 2.1 trillion PEPE ($52 million) to a new wallet. As a result, it went from $27 to $52 million, generating a remarkable 1,900,000% return. Although meme coins have no real value, they continue to create countless new millionaires among investors. In May, another trader traded Pepe tokens and turned $3,000 into $46 million, representing a 15,700x return on investment.
The meme coin storm continues!
Pepe was the second best-performing cryptocurrency of 2024, up 1,600% year-to-date. Thus, memecoins stand out as some of the best-performing cryptocurrencies of the year. Pepe, up 1,600% since the beginning of the year, was the second best-performing coin among the top 100 cryptocurrencies, while Dogwifhat meme token came in third with a 1,400% increase. However, according to Cryptobubbles data, the Mantra (OM) governance token outperformed all meme coins by increasing over 16,600% in 2024.
Analysts expect more upside for PEPE!$PEPE
While technical analysis for meme coins is often misleading, some traders are predicting Pepe to gain even more value. Bitcoin CEO Max Schwartzman said Pepe could be the Dogecoin version of the current bull run and therefore “the king of this cycle.” Hao Yang, Bybit’s director of financial products, said the success of memecoins is a reflection of the younger generation’s disillusionment with the financial system. “The success of memecoins, like punk rock, could be a symptom of young investors who are disillusioned by the opportunities their parents provided them,” Yang said.