Crypto Trader Turns $27 Into $52M With Pepe Token Investment
A cryptocurrency trader reportedly turned a $27 investment in Pepe memecoin into an extraordinary $52 million profit, according to blockchain analytics firm Lookonchain.
If an unknown PEPE trader makes a life-changing profit, crypto intelligence firm Loonchain revealed in a December 14 post.
The $PEPE Well that was dormant for 600 days transferred all 2.1T$PEPE($52M) to a new address… from $27 to $52 million – an extraordinary 1,900,000x return!”
Savvy Pepe Trader Marketing. Source: Lookonchain
Despite its lack of internal utility, memecoins have created many new millionaires among crypto investors. In May, another savvy trader traded $3,000 to $46 million in Pepe tokens, making a return of more than 15,700 times his investment.
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Pepe's 1,600% YTD makes him the second best performer of 2024.
Memecoins proved to be some of the best performing cryptocurrencies of the year based on their earnings.
PEPE-USDT, 1 year chart. Source: Cointelegraph
Year-to-date, Pepe is the second best performer among 100 cryptocurrencies, followed by the Solana-based Dogwifhat (WIF) meme token, which is the third best performer, up 1,400%.
Top cryptocurrencies year by day. Source: Cryptobubbles.
However, the Management of Mantra (OM) token outperformed all other memecoins, rising more than 16,600% in 2024, according to Cryptobubbles data.
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While technical analysis is often inaccurate for memecoins, some crypto traders are predicting more upside for Pepe.
Pepe may be Dogecoin (DOGE)'s current bull run, making it “the king of this cycle,” according to Max Schwartzman, CEO of Bitcoin.
PEPE and DOGE fractals. Source: Max
Memecoins' continued success can be seen as a sign of the younger generation's dissatisfaction with the financial system, said Hao Yang, head of financial products at Baybit.
“The success of memecoins can be seen as a sign of disillusioned young investors who, like punk rock, have seen the opportunities given to their parents disappear,” Yang told Cointelegraph.
Memecoin trading has high volatility. During the $1.7 billion crypto market liquidation on December 10, some top memecoins emerged as the worst performing tokens.
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