This article is from Coingecko , the original author: Lim Yu Qian, compiled by Odaily Planet Daily translator Katie Gu.
Can I "get rich" by buying Meme Coin?
The recent PEPE has been on the hot topic list, which has changed the "tepid" market situation and rekindled the dream of users to get rich overnight with Crypto. According to the latest news, PEPE 24 H rose by nearly 100%, and the currency price hit a new high.
If buyers buy Meme Coin before it becomes popular and give up short-term profit opportunities and continue to hold, the chances of getting rich from Meme Coin will be greatly increased. For example, an investor could become a Meme Coin millionaire in 1 year and 3 months if he had paid $11.87 to buy Shit Coin (SHIB) when it first launched.
But meme coins are a very dangerous cryptocurrency because they originate from internet culture. In other words, price action depends on whether Meme Coin can remain relevant by driving hype or support from the community, which itself lacks fundamental value.
How much does it cost upfront to become a Meme Coin millionaire?
Based on an analysis of 10 Meme Coin price returns, an investor would need an average of $66,298.25 to become a Meme Coin millionaire. The minimum upfront investment required to reach $1 million in Meme Coin holdings ranges from $11.87 at Shiba Inu to $190,585.57 at ArbDoge AI (AIDOGE).
Meme Coin Millionaire With Low Upfront Investment
On December 15, 2013, buyers of the first meme coin, "Dogecoin," needed to put down $819.51 to become a millionaire. This is much higher than the amount needed to become a Shiba Inu millionaire, but the upfront investment to become a Dogecoin millionaire is still relatively affordable for someone with moderate income and moderate risk tolerance started.
Investors who only got on board the Meme Coin hype in 2021 would have to buy at least $4507.98 worth of FLOKI (FLOKI) to become millionaires.
Meme Coin Millionaires with High Upfront Investments
Becoming a Meme Coin millionaire by purchasing Dogelon Mars (ELON), Bonk (Bonk) or Baby Doge coin (BABYDOGE) involves investing more money upfront. Investors would have to put in between $20,838.51 and $28,297.05 to double up and become a millionaire in any of the three Meme Coins.
In addition to the cryptocurrency Ignore fund (4 TOKEN) with a smaller market cap, the latest Meme Coin launched in 2023 requires a higher up-front investment to earn $1 million.
Pepe (Pepe), Wojak (Wojak) and ArbDoge AI (AIDOGE) have by far the lowest price returns from the assumed purchase date to the all-time high price date range. Due to the relatively modest price increase between 424.7% and 531.7%, investors would need to invest more than $158,311.59 to become a Meme Coin millionaire in 2023.
How Fast Can You Become a Meme Coin Millionaire?
Investors can become Meme Coin millionaires in less than a year. In the fastest case, investors in Bonk tokens can go from $26,667.85 to $1 million in just 7 days. In the slowest case, it took Dogecoin 2,701 days, or nearly 7 and a half years, to rise from $819.51 to $1 million.
Among the 2021 Meme Coins, Dogelon Mars has seen the fastest price growth, going from $20,838.51 to $1 million in just 19 days. FLOKI and Baby Doge Coin took much longer, 4 and 7 months respectively.
For Meme Coin in 2023 - Pepe, ArbDoge AI, Wojak and Ignore Fud are likely to surpass the current ATH-All Time High afterwards. While they may take longer to reach higher prices, it also means a lower upfront investment is required to become a Meme Coin millionaire. Bonk's exponential price still holds the record for fastest growth among Meme Coins.
What are the most successful Meme Coins?
Shiba Inu is the most successful Meme Coin in terms of price gains, with a peak increase of 8,424, or 202.3%, from its starting price on August 1, 2020.
Dogecoin, on the other hand, has been the most successful Meme Coin in the long run and has been “synonymous” with Meme Coin since 2013.
What is the next Meme Coin that will bring "opportunity to get rich" in 2023?
Pepe, ArbDoge AI and Wojak are the largest market cap Meme Coins launched this year and have been among the hottest cryptocurrencies of late. Ignore Fud is another new Meme Coin for 2023 with a strong price increase since its launch.
However, given that meme coins are particularly narrative-driven, it is uncertain whether the 4 meme coins will continue to grow, and the situation at the end of the year is still unknown.
While no one knows what the next big meme coin will be, traders may turn to tools like decentralized crypto exchange trackers. Small cap Meme Coin can be found on these trackers, giving users an early buy-in opportunity.
How many Meme Coins are there in the market?
Currently, there are a total of 179 Meme Coins tracked on CoinGecko. As of May 4, 2023, three Meme Coins have entered the top 100 by market capitalization, namely Dogecoin, Shiba Inu, and Pepe.
This article examines the price returns of some Meme Coins over time, based on data from CoinGecko. The above hypothetical purchase date is taken from the earliest available data on the day, and the hypothetical selling realization date is the all-time high price on May 4, 2023.
This research is for informational purposes only and is not financial advice. DYOR.
