A cryptocurrency trader has turned a 27 USD investment in the memecoin Pepe into an extraordinary 52 million USD profit, according to a report from the blockchain analytics firm Lookonchain.
An anonymous Pepe (PEPE) trader has reaped life-changing profits, the cryptocurrency intelligence firm Lookonchain revealed in a post on X on December 14.
"A $PEPE whale who had been dormant for 600 days, has now transferred the entire 2.1 billion $PEPE (52 million USD) to a new address... From 27 USD to 52 million USD — an astounding 1,900,000x return!"
The savvy trading of the Pepe trader. Source: Lookonchain
Despite lacking inherent utility, memecoins have created many new crypto millionaires among investors. In May, another astute trader turned 3,000 USD into 46 million USD trading Pepe, generating a profit over 15,700 times their initial investment.
Pepe up 1,600% YTD, second best performing cryptocurrency in 2024
Memecoins have proven to be among the best performing cryptocurrencies this year based on their returns.
PEPE-USDT chart over the past year. Source: TinTucBitcoin
YTD, Pepe has surged over 1,600%, shining as the second best performer among the top 100 cryptocurrencies, closely trailing the humorous Token Dogwifhat (WIF) on the Solana network, which is up 1,400% and ranks third.
Top performing cryptocurrencies YTD. Source: Cryptobubbles.
However, the Governance Token Mantra (OM) has outperformed all memecoins, surging over 16,600% in 2024, data from Cryptobubbles shows.
While technical analysis is often inaccurate for memecoins, some cryptocurrency traders predict Pepe still has significant upside potential.
Pepe could become the Dogecoin (DOGE) of the current bull run, making it the "king of this cycle", according to Max Schwartzman, CEO of Because Bitcoin.
Fractals between PEPE and DOGE. Source: Max
The continued success of memecoins may be seen as a symptom of the younger generation's disillusionment with the financial system, according to Hao Yang, head of financial products at Bybit.
"The success of memecoins can be seen, like punk rock music, as a symptom of disillusioned young investors who have seen the opportunities their parents had disappear," Yang shared with TinTucBitcoin.
Memecoin trading exhibits significant volatility. In the 1.7 billion USD cryptocurrency market purge on December 10, some leading memecoins emerged as the worst performing Tokens.
